MUDRA - Current Affairs Questions and Answers

1)   Union Cabinet has provided the approval for the creation of CGFMU. What does it stand for?

a. Credit Guarantee fund for MIDRA
b. Credit Guarantee fund for MADRA
c. Credit Guarantee Fund for MUDRA
d. None of the above
Answer  Explanation 

ANSWER: Credit Guarantee Fund for MUDRA

Explanation:
Union Cabinet gives approval for Credit Guarantee Fund for MUDRA (Micro Units Development Refinance Agency) loans and conversion of MUDRA Ltd into MUDRA SIDBI. Fund will generate more than 100,000 crore worth of loans to micro and small units within the first instance.
2)   Name the Bank that was launched by PM Narendra Modi on 8th Apr’15 with a corpus of Rs. 20,000 Crore and credit guarantee corpus of Rs. 3,000 Crore?

a. Awasiya Bank
b. Jand Dhan Bank
c. Federal Bank of India
d. MUDRA Bank
Answer  Explanation 

ANSWER: MUDRA Bank

Explanation:
MUDRA is abbreviated as Micro Units Development and Refinance Agency Ltd. It will be set up through a statutory enactment, and be responsible for developing and refinancing all Micro-finance Institutions which are in the business of lending to micro and small business entities. MUDRA will also partner with state and regional level coordinators to provide finance to Last Mile Financiers of small and micro business enterprises. Around 5.77 crore small business units will be provided access to institutional finance through MUDRA Bank.

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