VK Singh launches Mudra loans, Says it will boost small enterprise in Nagaland

Staff Reporter
Dimapur, September 29

Union Minister of State for External Affairs, Gen (Retd) Dr VK Singh on Tuesday inaugurated the Mudra Mega Credit Camp, a loan plan to fund small business activities under manufacturing, service, small business and trade which is under Pradhan Mantri Mudra Yojana (PMMY) scheme an initiative of Prime Minister Narendra Modi at Town Hall Dimapur.
Singh, while addressing the participants at the inauguration of Mudra Mega Credit Camp, said that the program was aimed at providing benefit to people who otherwise do not have means for avail loans and secure borrowers from money lenders.
He said that the scheme, initiated by Prime Minister Modi which in concern with citizens of the country, will be a source of sustenance to those who want to embark on small enterprise. Remarking that Nagaland and the northeast region have the highest rate of enterprises, comparing to other states of the country, Singh called upon the state to make use of the proposed scheme.
There are 977 beneficiaries of the Micro Units Development & Refinance Agency Limited (MUDRA) loan in all banks in Nagaland out of which, a sum of Rs.2.51 crore has been disbursed already. “SBI being the Convenor Bank of Nagaland has lead from the front and its 64 branches have so far sanctioned 492 Mudra loans amounting to Rs.1.36 crore.”
It may be noted that MUDRA was launched by PM Modi on April 8 last with a vision to be an integrated financial and support services provider par excellence benchmarked with global best practices and standard for the bottom of the pyramid universe for comprehensive economic and social development. MUDRA has a mission to create inclusive, sustainable and value based partner institutions in achieving economic success and financial security. The purpose of MUDRA is to attain development in an inclusive and sustainable manner by supporting and promoting partner institutions and creating an ecosystem of growth for micro enterprises sector.
The inauguration program of Mudra Mega Credit Camp was attended by various bank officials, Parliamentary Secretary for Labour & Employment and Border Affairs Mhonlumo Kikon and Dimapur DC Kesonyu Yhome.

Under the aegis of PMMY, MUDRA has created three loan categories:

Shishu-covering loans upto Rs.50, 000.
Kishor- covering loans above Rs. 50, 000 to Rs.5 lakh
Tarun: covering loans above Rs.5 lakh and upto Rs.10 lakh.