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Karnataka Bank is targeting a portfolio of ₹615 crore of MUDRA loans for the current financial year, according to P Jayarama Bhat, Managing Director and Chief Executive Officer of the bank.
Launching the MUDRA (Micro Units Development and Refinance Agency) card in Mangaluru recently, he said that Karnataka Bank is actively participating under Pradhan Mantri Mudra Yojana (PMMY).
Stating that the bank is always committed to meet the credit requirement of micro entrepreneurs, he said micro entrepreneurs are the important segment of MSME (micro, small and medium enterprises) sector.
To further ease the credit dissemination, the bank has launched MUDRA card which will benefit large number of micro entrepreneurs in the country.
He said that MUDRA card is a debit card on RuPay platform. The card will be issued to the micro entrepreneurs, who take working capital finance up to ₹10 lakh under PMMY.
A press release said here on Monday that the card has the flexibility of use in any ATMs or point-of-sale terminal for purchase of merchandise.
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