Provision of affordable amp efficient credit to poor and needy is one of the most important componen...........

Economic Affairs Types of Banks and Banking

Provision of affordable & efficient credit to poor and needy is one of the most important components of inclusive growth. Which of the following are the correct functions of MUDRA Bank?

1. Frame policy guidelines for micro financeinstitutions (MFIs).

2. Registration of MFIs

3. Regulation of MFIs.

4. Direct credit to poor farmers.

5. Accreditation and rating of MFIs.

6. Promoting right technology solutions for problems faced by MFIs and borrowers.

Codes:

1, 2, 3 and 4

2, 5 and 6

1, 2, 3, 5 and 6

All

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Explanation:

MUDRA Bank does not provide direct credit to poor farmers or any personal. MUDRA, which stands for Micro Units Development & Refinance Agency Ltd, is a financial institution beingset up by Government of India for development and refinancing micro units enterprises. It was announced by the Hon'ble Finance Minister while presenting the Union Budget for FY 2016. The purpose of MUDRA is to provide funding to the non-corporate small businesssector through various Last Mile Financial Institutions like Banks, NBFCs and MFIs. MUDRA would be responsible for refinancing all Last Mile Financiers such as
Non-Banking Finance Companies, Societies, Trusts, Section 8 Companies [formerly Section 25], Co-operative Societies, Small Banks, Scheduled Commercial Banks and Regional Rural Banks which are in the business of lending to micro/small business entities engaged in manufacturing, trading and services activities. MUDRA would also partner with State/Regional level financial intermediaries to provide finance to Last Mile Financier of small/micro business enterprises.