MUDRA stands for Micro Units Development & Refinance Agency Ltd.
Understanding MUDRA: An Overview
MUDRA, or Micro Units Development & Refinance Agency Ltd., is a specialized financial institution established by the Government of India. Its primary role is to facilitate the development and refinancing of micro-unit enterprises across the country. This initiative aims to support small businesses and entrepreneurs, helping them access crucial financial services.
Key Aspects of MUDRA
- Objective: To provide financial assistance and refinancing support to micro-unit enterprises.
- Establishment: Set up by the Government of India.
- Target Beneficiaries: Micro-unit enterprises, small businesses, and entrepreneurs.
- Announcement: The establishment of MUDRA was first announced by the Hon'ble Finance Minister during the presentation of the Union Budget for Financial Year 2016.
MUDRA at a Glance
To summarize the core information about MUDRA, here's a quick overview:
| Feature | Description |
|---|---|
| Full Form | Micro Units Development & Refinance Agency Ltd. |
| Parent Body | Government of India |
| Core Function | Development and refinancing of micro-unit enterprises |
| Announcement | Union Budget for FY 2016 |
| Nature | Financial institution |
Supporting Micro-Enterprises
The creation of MUDRA underscores the government's commitment to fostering entrepreneurship and promoting economic growth at the grassroots level. By focusing on micro-unit enterprises, MUDRA addresses the financial needs of businesses that might otherwise struggle to access credit from conventional banking channels. This support helps them grow, create employment, and contribute significantly to the national economy.
