Monday, July 27, 2015

Vijaya Bank launches Mudra Card under Pradhan Mantri Mudra Yojana

Under the aegis of ‘ Pradhan Mantri Mudra Yojana’,  Vijaya Bank has launched a new credit product ‘V-Mudra Card’  which will provide pre-approved credit line to the micro entrepreneurs that can be utilized for their day-to- day working capital requirements.

V-Mudra Card was launched today in Bangalore by Dr Kshatrapati Shivaji, IAS, Chairman and Managing Director, SIDBI in the presence of Kishore Sansi, Managing Director and CEO of Vijaya Bank.

The product is mainly aimed towards small street vendors, hawkers etc who are generally outside the purview of formal financial assistance, who require cash on daily basis to carry out their business and borrow from money lenders at high rate of interest.

The credit limit available under V-Mudra Card is upto Rs 50000/-(‘Shishu’ category of PMMY). The beneficiary will be issued with RuPay Card with pre-approved credit limit and the drawings are enabled through ATM net work for meeting the immediate liquidity problems of the micro enterprises. The product carries interest rate at Base Rate (10% at present) and is renewable once in three years. Considering the targeted category, a simple one page loan application is designed for this product. The product is also eligible for refinance by MUDRA Ltd.