Micro Units Development and Refinance Agency (MUDRA) Ltd. Bank was launched on 8 April, 2015 as a subsidiary of SIDBI. It has been registered as an NBFC with the Reserve Bank and within a year, the government intends to come out with a legislation to convert the NBFC into a bank. The aim MUDRA is to
All NBFCs are either deposit taking or Non-deposit taking. If they are non-deposit taking, ND is suffixed to their name (NBFC-ND). The NBFCs which have asset size of Rs.100 Crore or more are known as Systematically Important NBFC. They have been classified so because they can have bearing on financial stability of the country. The
On 27 November 2014, RBI had released the guidelines on Small Finance Banks along with the Payment Banks. The objective of small finance banks is to further financial inclusion by providing: Basic banking facilities to the unbanked and thereby boosting saving habits. Supply of credit to small business units, small and marginal farmers, micro and
In 1993, Reserve Bank of India came up with its new guidelines regarding entry of the private sector in Banking. On the basis of these guidelines, RBI issued licenses to Nine banks. Later, two more banks were given license. One was Yes Bank and another was Kotak Mahindra Bank, which was allowed to transform itself