Bank of Maharashtra and MUDRA Bank have signed an agreement to finance new entrepreneurs and small businesses. To provide credit facilities to small business, the central government aims to facilitate credit up to Rs 1 lakh crore under MUDRA (Micro Units Development and Refinance Agency) scheme in the current year.
Under the new scheme, there are three categories of loans - ‘Shishu’ (loan of up to Rs 50,000), ‘Kishor’ (loan above Rs 50,000 up to Rs 5 lakh) and ‘Tarun’ (above Rs 5 lakh and up to Rs 10 lakh) -- that will be sanctioned and disbursed by banks. The amount will be refinanced through MUDRA Bank.
Bank of Maharashtra offers several products and services in personal banking such as deposits, savings, personal loans, educational loans, demat services, credit cards, etc. The bank also offers services to agricultural and SME sectors.
