In which year was Micro Units Development and Refinance Agency (MUDRA) introduced?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. 2015.
The Micro Units Development and Refinance Agency (MUDRA) was introduced in 2015 by the Government of India. MUDRA was established with the primary aim of providing financial support and promoting the growth of micro-enterprises in the country, particularly those in the unorganized sector. It was introduced as part of the government's initiative to facilitate access to affordable credit for small businesses, especially for entrepreneurs in rural and semi-urban areas.
MUDRA offers refinancing support to banks and other financial institutions, enabling them to provide loans to micro-enterprises under various schemes, such as the Shishu, Kishor, and Tarun categories, depending on the stage of growth and the credit requirement of the enterprise. This initiative has played a significant role in fostering entrepreneurship and financial inclusion, providing small business owners with the capital needed to expand and sustain their operations, thus contributing to employment generation and economic growth.