Corporation Bank, a Mangalore-based lender has launched MUDRA (Micro Units Development and Refinance Agency) Card for small enterprises, based on the RuPay platform. The card, which is launched under the Pradhan Mantri MUDRA Yojana (PMMY) scheme, facilitates the withdrawal and use of the working capital finance by micro entrepreneurs. PMMY aims to ‘fund the unfunded’ and ‘formalise the informal’ under non-farm micro units in manufacturing, trading and services with affordable credit up to Rs 10 lakh.
Corporation Bank is a Mangalore-based mid-sized public sector bank which was established in 1906. Government of India is the majority shareholder holding 59.82% stake in the bank. Overall, the Bank has a wide network of over 9,000 centres across India, including 2,061 branches, 2,599 ATMs and 4,349 branchless banking units.
