Stand up India: PM to Launch New Loan Scheme for SC/ST & Woman Entrepreneurs

April 4, 2016 | Last Modified: April 4, 2016 at 10:33 am

Stand up India: It is a new hope for the entrepreneurs who are seeking for a loan up to Rs. 1 crore. According to the source, On Tuesday, Prime Minster Narendra Modi will launch “Stand up India” a loan scheme under which banks will give loans upto Rs. 1 crore to SC/ST and woman entrepreneurs.

According to the statement of financial minister the PM will be launching the Stand up India scheme and a web portal for the scheme on April 2016 at Noida.

The event organized for the launch of the scheme would be attended by Governor, Uttar Pradesh, Union Finance Minister, Union Minister for Culture and Tourism and Union Minister of State for Finance, among others.

The aim of the scheme is to promote the entrepreneurship among Scheduled Castes/Scheduled Tribes and women by giving a loans in the range of Rs. 10 lakh to Rs. 1 crore for building up a new enterprise.

“The scheme is expected to benefit large number of such entrepreneurs, as it is intended to facilitate at least two such projects per bank branch on an average one for each category of entrepreneur,” the source added.

Under the scheme, a RuPay Debit Card would be given to loan seeker of SC/ST and women entrepreneurs for withdrawal, besides comprehensive support like pre-loan training, facilitating loan, factoring and marketing.

There would be a Rs 10,000 crore refinance window through Small Industries Development Bank of India (SIDBI) and the National Credit Guarantee Trustee Company Ltd (NCGTC) will create a corpus of Rs 5,000 crore.

The government will create a web portal for the online registration and support services of Stand up India also prepare a credit history of borrowers.

Meanwhile the source quoted that the intent of the proposal is to leverage the institutional credit structure to reach out to these under-served sectors of the population by facilitating bank loans in the non-farm sector set up by such SC, ST and women borrowers.

During the launch, 5,100 e-rickshaws would be distributed by Bhartiya Micro Credit (BMC) under the Pradhan Mantri Mudra Yojna scheme.

According to the source, the recipients of the scheme will also be covered under Pradhan Matri Jan Dhan Yojna, Pradhan Mantri Suraksha Yojana, Pradhan Mantri Jivan Jyoti Yojana, Atal Pension Yojana and eight other significant schemes.