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    <title>Micro Units Development Refinance Agency (MUDRA) Bank</title>
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    <description>The Budget proposed a statutory Micro Units Development Refinance Agency to provide refinance and a credit guarantee framework under Pradhan Mantri Mudra Yojana, prioritising SC/ST enterprises. Pending legislation, a SIDBI wholly owned subsidiary has been launched as an NBFI to refinance Last Mile Financiers, including NBFCs lending to micro manufacturing, trading and service units across urban and rural areas and to finalise schemes and rates to support self-employment.</description>
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