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PM Modi launches Mudra bank, to benefit 5.8 cr small businesses

BI India BureauApr 8, 2015, 10:59 IST

Prime Minister Narendra Modi on Wednesday launched Mudra (Micro Units Development and Refinance Agency) bank under the Pradhan Mantri Jan Dhan Yojana.

A Times of India report said, speaking at the occasion, the PM said, "We need to increase employment opportunities in the nation."

"Big industrial houses provide jobs to only 1.25 crore people, while small entrepreneurs employ 12 crore people, PM Modi said.

Finance minister Arun Jaitley said that "Mudra bank will benefit around 5.77 crore small business enterprises".

"Mudra bank is a step in the direction of funding the unfunded," Arun Jaitley said, reported TOI.

The Prime Minister also distributed Mudra loans to some beneficiaries. (Source: PMO/Twitter)