List of Banks Offering Loan for Mudra Bank Yojana
Mudra Bank Yojana is taking off in a gala fashion. Is it the start of a new era of capitalism in Indian democracy? We cannot say that for sure just now. Only time will tell us. Irrespective of what’s kept in our future, the magic of Mudra Bank is building up rapidly. Banks have already started offering loans for Mudra Bank Yojana.
Small and medium scale businesses in India that have long rivaled with financial crunches are now looking up to the new scheme for a new credit line. There is no denying that with banks extending business loans under the Mudra Yojana, many of these small and medium scale business will not only grow but will also thrive.
As of the latest update, has revealed that scheduled commercial banks operational in India will start a big time campaign offering loans under the Mudra Yojana between 25th of September 2015 and 2nd of October 2015 – both days included. The two dates are specifically important because:
- 25th September is Pandit Deen Dayal Upadhayay’s birth anniversary.
- 2nd October is Mahatma Gandhi’s birth anniversary.
This campaign will be covering the whole country and in particular, will target society’s lower strata where business owners struggle for funding. As far as the offerings are concerned, there has been no deviation from the already set parameters. Only three product variants will be made available during this campaign period, which include:
- Shishu loan – this product will offer a maximum loan amount of ₹50,000.
- Kishor loan – this product will offer a loan anywhere between ₹50,000 and ₹500,000.
- Tarun loan – this product will offer a loan anywhere between ₹500,000 and ₹1,000,000.
Interestingly, the Union Ministry has selected the nation’s leading public sector bank – the State Bank of India as the lead banker for this campaign. All other banks who wish to participate in the campaign will have to coordinate with State Bank of India during the campaign periods.
It is worth mentioning that this campaign is more like a supportive push to the Mudra Yojana. The workshops during the campaign will only try to increase the coverage of Mudra Yojana which has already been put into action by some banks individually. For instance, Bank of Baroda, Corporation Bank, Andhra Bank etc. have already started offering loans under Mudra Yojana.
Andhra Bank for instance, claims to have already disbursed a total sum of ₹240 crores under the Mudra Yojana and plans to extend its offering during the aforementioned campaign which is about to start in just little over 24 hours from now.
Again, Corporation Bank recently launched Mudra Card and became the first bank in India to offer Mudra Card. This card comes loaded with pre-approved loan amount which can be used to purchase raw materials online via registered sellers.
So, what do you think? Will loans under Mudra Bank eventually push Indian economy into a sustained growth path that is led by capitalism? Drop your comments and let us know what you think about the scheme as a whole and about its recent developments.
List of Banks Offering Mudra Loan are
|8||United Bank of India|
|9||Union Bank of India|
|12||Punjab & Sind Bank (PSB)|
|13||Oriental Bank of Commerce (OBC)|
|14||Indian Overseas Bank (IOB)|
|20||Central Bank of India (CBI)|
|22||Bank of Maharashtra (BOM)|
|23||Bank of India (BOI)|
|24||Bank of Baroda (BOB)|