Stand up India Scheme has been accepted by Union Cabinet for women and SC/ST [ Current Affairs ]
In order to promote entrepreneurship among Scheduled Caste/Scheduled Tribes (SC/ST) and Women entrepreneurs Union Cabinet has approved the Stand Up India Scheme. This was approved in Union Cabinet meeting chaired by the Prime Minister Narendra Modi in New Delhi.
- Due to this Scheme at least two such projects will get advantage on an average one for each category of entrepreneur per bank branch.
- The Stand-up India is part of Start-up India
- To encourage greenfield enterprises by Women and SC/ST entrepreneurs Department of Financial Services (DFS) has given Stand up India slogan.
Stand Up India Scheme includes:
- Small Industries Development Bank of India (SIDBI) window will be refinance by this scheme with an initial amount 10, 000 crore rupees.
- The National Credit Guarantee Trustee Company (NCGTC) will credit a credit guarantee mechanism below this scheme.
- It will mainly act as operating agency for the loan.
- for both loan stage and during operations stage it will provide handholding support to the borrowers.
- Under this scheme, women and SC/ST businesspersons can get bank loans repayable up to 7 years and the loans will be between 10 lakh to 1 crore.
- For lone 20 % margin money will be composite.
- On 15th August Independence Day, 2015 Prime Minister has announced the “Start-up India, Stand up India” initiative.
- Published on: January 8, 2016