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Narendra Modi launches Mudra Bank for small firms with Rs 20,000 crore corpus

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Prime Minister Narendra Modi on Wednesday launched a bank with a corpus of Rs 20,000 crore to extend credit of up to Rs 10 lakh to small businesses and regulate micro-finance institutions, to promote their growth, add to the country's output and create jobs. 

The move is aimed at benefiting some 58 million small businesses in the country, who account for a mere four percent of institutional funding, despite employing over 120 million people, many from unprivileged strata of society, the officials said. 

"After 'banking the un-banked' with the Jan Dhan Yojana, it's time to 'fund the unfunded'," the Prime Minister said at an event to launch what is called Micro Units Development and Refinance Agency - Mudra. 

Narendra Modi launches Mudra Bank for small firms with Rs 20,000 crore corpus - The Economic Times
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