Bank of Maharashtra has launched Mudra card to meet the credit requirements of micro and small entrepreneurs.
The card was launched by the Chairman-cum-Managing Director, S Muhnot, on the occasion of the bank’s 81st foundation day celebrations today.
Issued as a Rupay debit card, the Mudra card is a flexible credit product that meets the working capital needs of micro and small entrepreneurs as cash can be withdrawn from any ATM or merchandise purchased using POS machine.
The Mudra scheme was launched by the Prime Minister, Narendra Modi, with an aim to fulfill the needs of micro/small entrepreneurs engaged in all non-farm sector income-generating activities such as manufacturing, trading and services whose credit needs are up to Rs 10 lakh.
Bank of Maharashtra is offering Mudra loans at base rate and no processing charges are levied for loans up to Rs 5 lakh.