MUDRA scheme beneficiaries handed loan sanction letters

IMPHAL, September 25: The lead bank for Imphal West district today distributed MUDRA Loan sanction letters to 25 beneficiaries through different banks during a loan campaign meeting at Hotel Imphal.

The campaign was organised to launch the MUDRA SISHU loan facility today.

The Micro Unit Development and Refinancing Agency (MUDRA) loan scheme was first launched by the Prime Minister Narendra Modi on April 8.

The scheme will provide opportunity to many by providing loans to micro units based on the stage of growth under three categories – Shishu (loans up to Rs 50,000/-), Kishore (loans up to Rs 5,00,000/-) and Tarun (loans up to Rs 10,00,000/-).

It was conceptualized with an aim to make available hassle free financial assistance to the beneficiaries engaged in micro economic activities in non-farm sector like Non`“Corporate Small Business Segment (NCSBS) comprising of millions of proprietorship or partnership firms running as small manufacturing units, service sector units, shopkeepers, fruits or vegetable vendors, truck operators, food-service units, repair shops, machine operators, small industries, artisans, food processors and others, in rural and urban areas.

Majority of such units do not have access to institutional finance.

Hence providing them with institutional finance to such micro units would turn them into catalyst for growth of GDP and employment generation, which in turn will improve quality of life of these entrepreneurs and contribute substantially for job creation, stated BJP Manipur in-charge and Member of Parliament Prahlad Singh Patel who attended the function as the chief guest.

The union government conceived the idea of establishing MUDRA loan to provide an opportunity for people and such scheme should not be termed as BJP created scheme. The loan facilities are for everyone irrespective of their religion, caste or creed, he added.

Manipur Rural Bank chairman Prasanna Kumar Bal stated that the newly launched scheme will provide lots of opportunities to the people as it is very different from other loans provided by the banks.

United Bank of India, Imphal Branch AGM PK Das appealed to all borrowers to be responsible enough to repay the borrowed money in time and further avail other loans in future to promote the scheme.

SBI RBO, Imphal AGM Lunkim Thangboi emphasized on the herculean task every bank has right now to meet the target set by the government.

He also urged the banks to be very careful while selecting beneficiaries and urged borrowers to inculcate the habit of repaying the loans.

Banks here in our State face another form of challenge as a number of branches located in remote parts are cut off by frequent landslide and other reasons, he said.

To popularize the scheme and to speed up disbursement of MUDRA loans, Department of Financial Services, Union Ministry of Finance, Government of India had advised heads of all commercial banks and RRBs to launch weeklong campaign from September 25 to October 2 for disbursing loans under MUDRA.

The campaign is set to continue further in Imphal East, Bishnupur and Pallel.