Stand Up India Scheme for SC/ST, Women Has Been Launched by PM Narendra Modi [ Current News (Concise) ]
The Stand-up India scheme to providing credit to Scheduled Caste (SC), Scheduled Tribe (ST), and women borrowers in the non-farm sector has been launched by the Prime Minister Narendra Modi. The scheme is planned to promote free enterprise among SC/ST and women and further give a push to government’s financial inclusion programme.
The broad features of the scheme:
- Merged loan between 10 lakh rupees and up to 1 crore rupees will be provided to SC/ST and women and also inclusive of working capital component for setting up any new enterprise.
- Debit Card (RuPay) for removal of working capital.
- Credit history of defaulter to be developed of these under-banked sections of society.
- Refinance window through Small Industries Development Bank of India (SIDBI) with an initial amount of 10, 000 crore rupees.
- Creation of a corpus of 5, 000 crore rupees for credit guarantee through National Credit Guarantee Trustee Company (NCGTC).
- Handholding support for insolvents with complete support for pre loan training needs, facilitating loan, factoring, marketing etc.
- Web Portal for online registration and support services will be provided.
- 1.25 lakh bank branches will provide loans up to 1 crore rupees to SC/ST and women entrepreneurs under the scheme.
- It will help to producing 2.5 lakh magnates throughout the country.
- Published on: April 6, 2016