Live
- Sharad Pawar makes a soul-stirring plea 'to regain the glory of progressive Maharashtra'
- Seven soldiers killed in attack on Pak military camp in Balochistan
- ICC announces 2025 Men’s Champions Trophy tour to begin in Islamabad
- Americans increasingly vote along class lines, not racial ones: Report
- Chandrababu's brother Rammurthy Naidu Passes Away in Hyderabad
- Russia restricts enriched uranium exports to US
- South African President orders immediate closure of tuck shops linked to food poisoning cases
- Study explains mechanisms behind food poisoning, gut infections
- Telangana residential school student commits suicide
- Cases of 'walking pneumonia' rise in US capital, joining national trend
Mudra reports Rs 66 cr net profit in first year of operation
Micro Units Development & Refinance Agency (Mudra) today reported a net profit of Rs 66 crore and an income of Rs 364 crore in the first year of its operations
​Mumbai: Micro Units Development & Refinance Agency (Mudra) today reported a net profit of Rs 66 crore and an income of Rs 364 crore in the first year of its operations. Mudra chairman Kshatrapati Shivaji said the company's net profit and deferred tax adjustments stood at Rs 65.93 crore while it transferred Rs 13.2 crore as statutory reserves, which is 20 per cent of its net profit as per the section 45-IC of the RBI Act of 1934.
The company's disbursals stood at Rs 3,287.25 crore against a sanction of Rs 3,733.25 crore to 16 banks, and 25 NBFCs and MFIs, he said. During the year, its networth, including Rs 750 crore that was subscribed by Sidbi, rose to Rs 813.2 crore as of March 2016, while its risk assets weighted ratio (CRAR) stood 83.46 per cent. Describing the first year of operations as satisfactory in terms of refinance operations, Shivaji said Mudra enrolled 160 institutions -- 88 banks (27 public sector banks, 17 private ones, 31 regional rural banks, and 13 state/urban cooperatives banks, 46 MFIs and 26 NBFCs -- as partners for refinancing against their lending to MSMEs.
The company issued over 5.17 lakh Mudra Cards, which is Ru-Pay issued debit cards, through which customers have drawn Rs 1,476 crore as working capital loans during the year. This year, it disbursed Rs 1,32,954.73 crore under the Pradhan Mantri Mudra Yojana, which provides Mudra loans up to Rs 10 lakh, thereby achieving 109 per cent of the target of Rs 1,22,188 crore for disbursement. Over 3.48 crore micro borrowers benefited through this during the year.
