Prime Minister launched the “Stand up India scheme” and a Web portal for the scheme on 05th April, 2016 at NOIDA.
The “Stand up India Scheme” was launched to promote entrepreneurship among Scheduled Caste/Schedule Tribe and Women for loans in the range of Rs. 10 Lakhs to Rs. 100 Lakhs.
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 (Scheduled Commercial Bank) on an average one for each category of entrepreneur.
The broad features of the scheme are as under:-
Composite loan between Rs. 10 lakh and upto Rs.100 lakh, inclusive of working capital component for setting up any new enterprise.
Debit Card (RuPay) for drawal of working capital.
Credit history of borrower to be developed.
Refinance window through Small Industries Development Bank of India (SIDBI) with an initial amount of Rs.10,000 crore.
Creation of a corpus of Rs. 5,000 crore for credit guarantee through NCGTC.
Handholding support for borrowers with comprehensive support for pre loan training needs, facilitating loan, factoring, marketing etc.
Web Portal for online registration and support services.
The overall intent of the proposal is to leverage the institutional credit structure to reach out to these underserved sectors of the population by facilitating bank loans in the non-farm sector set up by such SC, ST and Women borrowers.
The initiative will also develop synergies with ongoing schemes of other Departments.
The process would be led by SIDBI with involvement of Dalit Indian Chamber of Commerce and Industry (DICCI) and various sector-specific institutions all over the country.
The offices of SIDBI and National Bank for Agriculture and Rural Development (NABARD) shall be designated Stand Up Connect Centres (SUCC).
The launch event involved distribution of 5100 E-Rickshaws by Bhartiya Micro Credit (BMC) under the Pradhan Mantri Mudra Yojna scheme. In addition the recipients will also be covered under Pradhan Matri Jan Dhan Yojna, Pradhan Mantri Suraksha Yojana, Pradhan Mantri Jivan Jyoti Yojana, Atal Pension Yojana schemes and other eight significant Prime Minister schemes.
Bhartiya Micro Credit (BMC) aims to spread awareness of the financial inclusion and social security schemes and proposes to take the benefits to poor and destitute people in the country.
The idea is to facilitate the up gradation of pedal rickshaw pullers into E Rickshaw owners and help create threefold increment in their income. Credit for all these facilities are being provided under Mudra Scheme.