<h1>Union Cabinet Approves Transformation of MUDRA Ltd into MUDRA (SIDBI) Bank; Awaits RBI Approval for Conversion.</h1> The Union Cabinet has approved the transformation of MUDRA Ltd into MUDRA (SIDBI) Bank, making it a wholly owned subsidiary of SIDBI. The new bank will focus on refinance operations, support services like portal management and data analysis, and any additional activities assigned by the Government of India. MUDRA Ltd has been operational since April 2015 and has requested the Reserve Bank of India's approval for this conversion. This information was disclosed by a government official in a written response to a parliamentary question.