Modi’s inclusive banking a boon to the poor

Launching the Mudra promotion campaign, which was organised by the state-level bankers committee along with Indian Overseas Bank, the minister pointed out that earlier the middle class and poor people were unaware of opening bank accounts and were reluctant to approach the banks. 

“However, things have changed after Modi assumed charge as Prime Minister. His focus is to improve the monetary benefits that poor people get through banks,” she said and added that the Prime Minister had implemented many programmes, for the benefit of rural and poor people largely. 

Speaking on the occasion, SP Velumani, Minister for Municipal Administration, Rural Development and Implementation of Special Programme, said, “After the Prime Minister implemented the Mudra loan scheme in 2015, even Tamil Nadu saw a large number of people, who aspired to start their own businesses. Around 35,000 street vendors have benefited from this scheme in Chennai.” 

The minister added that the loan under the scheme will range from Rs 50,000 to Rs 10 lakh and Rs 8,000 crore has so far been disbursed as Mudra loan. Velumani also invited the Defence Minister for inauguration of two industrial parks constructed in Coimbatore.

Meanwhile, a book on Mudra beneficiaries was released by Sitharaman after which she opened the IOB’s new market place that is similar to Amazon. 

Speaking to the media, Sitharaman said, “I am very happy that I have come to Tamil Nadu after becoming India’s Defence Minister. I also believe that people support me and BJP. Similarly, people should support and coordinate on various defence issues.” She also thanked Modi for giving such a big opportunity in his cabinet to serve as a Defence Minister.