Kolkata based Allahabad Bank has launched the Mudra card, a specialized card for loans under the Pradhan Mantri Mudra Yojana (PMMY). The loan limit has been fixed at a maximum of up to Rs. 10 lakh.
The Mudra card will be issued for utilisation of working capital limits. It will be extended to non-farm enterprises for income-generating activities in the manufacturing and services sectors.
The bank registered 48.71% fall in its net profit at Rs 141.44 crore for second quarter ended September 30, 2014 under review as compared to Rs 275.81 crore for the same quarter in the previous year. However, total income of the bank increased 2.14% at Rs 5416.63 crore for Q2FY15 as compared Rs 5303.06 crore for the corresponding quarter previous year.
