IDBI Bank executes agreement with MUDRA for refinance under PMMY

Mumbai, July 8, 2015: The General Refinance Agreement (GRA) between IDBI Bank Ltd and Micro Units Development and Refinance Agency (MUDRA) Ltd was signed on July 1, 2015 by Shri S.K.V.Srinivasan, Executive Director, IDBI Bank and Shri Jiji Mammen, CEO, MUDRA Ltd., in the presence of Smt. Lalita Sharma, CGM and other officials of IDBI Bank and MUDRA. IDBI Bank is one of the leading banks identified by MUDRA, eligible for the refinance scheme.  As per the agreement, the Bank will offer credit facilities up to Rs.10 lakh to Micro Enterprises, at a competitive interest rate under Pradhan Mantri Mudra Yojana (PMMY) and MUDRA will be providing refinance assistance to IDBI Bank for eligible sanctioned loan cases. The arrangement will be implemented through the branches of IDBI Bank on pan India basis.