New Delhi: State-owned Corporation Bank on Saturday launched Mudra, or Micro Units Development and Refinance Agency, card for small enterprises, based on the RuPay platform.
The card was launched by Financial Services Secretary Hasmukh Adhia at Mangalore.
The Pradhan Mantri Mudra scheme 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.
The bank is the first to launch the Mudra card, Corporation Bank said in a statement.
Under the Pradhan Mantri Mudra scheme, three loan schemes are offered to entrepreneurs based on their capacity to repay.
The 'Shishu' scheme provides loan up to Rs 50,000. A loan amount of up to Rs 5 lakh will be lent under 'Kishore' scheme and under the 'Tarun' scheme, loan up to Rs 10 lakh will be offered.
As a part of the Digital India programme, the bank also launched a high-tech paperless point of sales (PoS) terminal and the 'Remit to India' portal for inward remittance by NRIs.