The Pradhan Mantri Mudra Loan scheme, launched in April 8 2015, recently completed three years. And to mark the anniversary small business owners who availed of the scheme were invited to interact with the Prime Minister, Narendra Modi.
Three Goans were among the 112 micro entrepreneurs from different states who met the Prime Minister at his residence in New Delhi. The three, Timotio Mascarenhas, Velim, Abdul Karim, Valpoi and Robert Roche, Chinchinim availed finance from Bank of India under the Mudra scheme and are successful running micro units in manufacturing.
While Mascarenhas owns a hardware workshop, Karim manufactures cement blocks and Roche runs a bakery unit. The three first met the vice president, Venkaiah Naidu on April 10 and the next day, viz. on April 11, interacted with the Prime Minister.
Local BOI officials who accompanied the three beneficiaries included Swaroop Kumar Das Gupta, general manager and Pawan Kulkarni, manager, agriculture finance department.
In Goa, BOI is aggressive in Mudra loans. The bank has provided Mudra loans to over 500 micro-entrepreneurs in the state and is closely working with NGOs like I Create to convert opportunity to business for young and needy. Under the leadership of Prashant Naik , zonal manager and Subhash Phadate, deputy zonal manager, the bank conducts hand-holding camps to create awareness of the Mudra scheme.
A BOI official said that the beauty of financing through Mudra is that beneficiaries benefit through self-employment as well as generate job opportunities for others. He pointed out that loans under Mudra are tailored to suit the requirements of borrowers and since it is under government guarantee does not require collateral security. Banks usually hypothecate the plant and machinery of the entrepreneur while approving the loan.