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Updated on: Friday, May 31, 2019, 10:12 PM IST

Fund the Unfunded: PNB MD & CEO

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Thane/Mumbai :  Punjab National Bank MD & CEO Usha Ananthasubramanian launched Pradhan Mantri Mega (PMM) credit campaign at Town Hall, Court Naka with an objective to fund the unfunded segments to create next generation entrepreneurship.

Ananthasubramanian said, “At present there is no mechanism in the bank sector to provide fund to unfunded sectors and the private access to credit came at a high cost. Aim of this scheme is to provide credit at cheaper rate to the grass root entrepreneurs.” She added, “It is a need based loans to promote grass root entrepreneurs from all the segments of the society be it manufacturing or service sector. It has three segments viz Shishu (Baby) – Loans upto Rs 50,000/-, Kishore (Youth) Rs 50,000 to Rs 5 lacs and Tarun (Adult) Rs 5 lacs to Rs 10 lack will cover all the unfunded areas of small and micro borrowers.” The main benefits of Mudra scheme are – Low Rate of Interest, Waiver of processing charges and credit disbursement through special Mudra Cards.

During the launch programme, sanction letters and disbursements to around 500 small borrowers distributed under the three variants. PNB has also devised special credit scheme for owner driven auto rickshaws and taxis including the kaali peeli taxis. On this occasion GM, Treasury of PNB Himanshu Joshi, Field General Manager Vivek Jha, Circle Head, Mumbai Suburb Vinod Joshi were also present.

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Published on: Tuesday, September 29, 2015, 12:05 AM IST
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