MUDRA bank Current Affairs - 2020

“Goal Programme” launched for Tribal Youth

The Union Minister for Tribal Affairs, Arjun Munda launched “GOAL Programme”. GOAL Programme is Going Online As Leaders. The programme has been launched in partnership with Facebook.

Highlights

The programme is being launched to provide mentorship to the tribal youth in digital mode. This will act as catalyst to bring out more hidden talents of tribal youth. Also, it will help in their personal development.

Benefits

The programme will help to empower more than 5,000 tribal youths. The programme has been framed with long term missions. It will help to develop the potential of tribal youth and women. Also, it helps them acquire knowledge and skills through mentorship in food processing, horticulture, bee keeping, medicinal herbs, etc.

Portal

The Ministry has also opened a portal called goal.tribal.gov.in to invite applications from aspiring candidates. The mentors and mentees have to register on the portal that will be open between May and July, 2020.

About the Programme

The programme will focus on three areas such as Life skills, digital literacy and Leadership and Entrepreneurship on sectors such as agriculture, handicrafts and textiles, art and culture, nutrition, etc.

Other Efforts

Along with the programme, GoI is planning to merge Start Up India, Mudra Yojana, Kaushal Vikas Yojana, Jan Dhan Yojana. This will help increase the beneficiaries. Also, it will fast track the reach of the programme. It will also help to extend the programme to other areas other than sports.

Union Cabinet approves creation of a Credit Guarantee Fund for MUDRA loans

The Union Cabinet has approved creation of a Credit Guarantee Fund (CGF) for Micro Units Development Refinance Agency (MUDRA) loans.

The CGF is expected to guarantee more than 1,00,000 crore rupees worth of loans to micro and small units in the first instance.

Features of scheme

  • Credit Guarantee Fund for MUDRA Units (CGFMU) will guarantee loans sanctioned under Pradhan Mantri Mudra Yojana (PMMY) to reduce the credit risk to Banks and other financial intermediaries who are Member Lending Institutions (MLIs).
  • National Credit Guarantee Trustee Company NCGTC Ltd  will manage  and  operate  various  credit  guarantee  funds and shall  be  the  Trustee  of  the
  • NCFTC will be a wholly-owned  company  of  Union Government  and shall be constituted  under  the  Companies  Act,  1956 (2013).
  • Under this scheme the guarantee  would  be  provided  on  portfolio  basis  to  a  maximum  extent of  50 per cent  of  Amount  in  Default  in  the

MUDRA (SIDBI) Bank

  • Cabinet also gave its nod for converting MUDRA Ltd. into MUDRA Small Industries Development Bank of India (SIDBI) Bank, a wholly owned subsidiary of SIDBI.
  • The MUDRA (SIDBI) Bank will undertake refinance operations and provide support services with focus on portal management and also data analysis etc.

Background

In the Union Budget  speech for 2015-16, Union Finance Minister Arun Jaitley had proposed to set up MUDRA Bank and CGF with  a refinance corpus of 20,000 crore rupees and a corpus of 3,000 crore  rupees respectively. MUDRA Ltd. was set up as a corporate subsidiary of SIDBI in March 2015 prior to the launch of the Pradhan Mantri MUDRA Yojana (PMMY) in April 2015.