As Micro units get formal funding under the Mudra yojana, these units will be on their path to "less-cash" and more funds. Also it is interesting to see banks like Corporation Bank go aggressively after the acquiring side, even if with a brown label provider like MRL Posnet.
(Source: Times of India, Jul 4, 2015)
MANGALURU: Hasmukh Adhia, secretary, department of financial services, union ministry of finance launched the first MUDRA card under the Pradhan Mantri Mudra Yojana (PMMY) at a function held in the head office of Corporation Bank here on Saturday. S R Bansal, chairman and managing director and Bibhas Kumar Srivastav, executive director were present at the function wherein MUDRA Cards were given away to a few beneficiaries.
The card facilitates the withdrawal and use of the working capital finance by micro entrepreneurs. Corporation Bank is the first bank to launch the Mudra Card based on the RuPay platform. PMMY aims to fund the unfunded and formalize the informa under non-farm micro units in manufacturing, trading and services with affordable credit up to Rs 10 lakh. Under PMMY, three loan schemes are offered to the entrepreneurs based on their capacity to repay.
Shishu scheme provides loan up to Rs 50,000. Loan amount up to Rs 5 lakh will be lent under Kishore scheme and under Tarun scheme loan up to Rs.10 lakh will be offered. As part of Digital India programme of the Union Government, Corporation Bank also launched a high-tech paperless point of sales (PoS) terminal in association with M/s MRL Posnet and the 'Remit to India' portal for inward remittance by non-resident Indian at the hands of Hasmukh Adhia.
The card facilitates the withdrawal and use of the working capital finance by micro entrepreneurs. Corporation Bank is the first bank to launch the Mudra Card based on the RuPay platform. PMMY aims to fund the unfunded and formalize the informa under non-farm micro units in manufacturing, trading and services with affordable credit up to Rs 10 lakh. Under PMMY, three loan schemes are offered to the entrepreneurs based on their capacity to repay.
Shishu scheme provides loan up to Rs 50,000. Loan amount up to Rs 5 lakh will be lent under Kishore scheme and under Tarun scheme loan up to Rs.10 lakh will be offered. As part of Digital India programme of the Union Government, Corporation Bank also launched a high-tech paperless point of sales (PoS) terminal in association with M/s MRL Posnet and the 'Remit to India' portal for inward remittance by non-resident Indian at the hands of Hasmukh Adhia.
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