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Mahesh

08/04/23 06:48 AM IST

Stand-Up India Scheme completes 6 years

In News
  • The sixth anniversary of the Stand Up India scheme is being celebrated recently.
  • Over 30 thousand 160 crore rupees have been sanctioned under Stand Up India Scheme to more than 1 lakh 33 thousand 995 accounts since inception of the Scheme. 
About the Scheme
  • The Stand Up India Scheme was established on 5 April 2016 to foster entrepreneurship and employment development at the grassroots level.
  • The Stand-Up India Scheme provides bank loans between Rs 10 lakh and Rs 1 crore to at least one SC or ST borrower and at least one woman borrower per bank branch for the establishment of a greenfield firm.
  • This company might be in the manufacturing, service, or trading industries.
  • Non-individual firms shall have at least 51 percent of the ownership and controlling interest owned by either an SC/ST or a woman entrepreneur.
  • In the previous five years, banks have sanctioned Rs 26,204 crore to approximately 1,16,266 beneficiaries under the Scheme.
  • More than 93,094 women entrepreneurs have benefited from the program.
Features
  • The scheme is part of a Ministry of Finance initiative to stimulate entrepreneurial enterprises by the Department of Financial Services (DFS).
  • A loan of between Rs 10 lakhs and Rs 1 crore would be offered, including operating capital for the start-up of a new business.
  • According to the plan, each bank branch should support two entrepreneurial enterprises on average. One for a woman entrepreneur and one for SC/ST.
  • For credit withdrawals, a RuPay debit card will be given.
  • The bank will keep track of the borrower's credit history to ensure that the funds are not utilized for personal gain.
  • With an initial capital of Rs.10,000 crore, the Small Industries Development Bank of India (SIDBI) has opened a refinancing window.
  • The development of an Rs.5000 crore credit guarantee fund through NCGTC is part of this strategy.
Source- PIB

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