PM Modi to book first e-rickshaw through Ola: ‘Stand up India’


Ola cab has announced the introduction of electric-rickshaws, (e-rickshaws), on its mobile app. The first Ola e-rickshaw was ridden by PM Narendra Modi, at the launch of ‘Stand-Up India’ initiative.

Total 5,100 Ola e-rickshaws launched in partnership with Bhartiya Micro Credit (BMC) at the event and will be deployed across Delhi, Gurgaon, Noida, Faridabad and Ghaziabad. Stand up India Scheme is launched now to promote entrepreneurship among Scheduled Caste/Schedule Tribe(SC/ST) 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.

Some features of the scheme are as under:-

I. Composite loan between Rs. 10 lakh and upto Rs.100 lakh, inclusive of working capital component for setting up any new enterprise.
II. Debit Card (RuPay) for drawal of working capital.
III. Credit history of borrower to be developed.
IV. Refinance window through Small Industries Development Bank of India (SIDBI) with an initial amount of Rs.10,000 crore.
V. Creation of a corpus of Rs. 5,000 crore for credit guarantee through NCGTC.
VI. Handholding support for borrowers with comprehensive support for pre loan training needs, facilitating loan, factoring, marketing etc.
VII. Web Portal for online registration and support services.

About SIDBI:
Small Industries Development Bank of India (SIDBI), set up on April 2, 1990 under an Act of Indian Parliament, is the Principal Financial Institution for the Promotion, Financing and Development of the Micro, Small and Medium Enterprise (MSME) sector and for Co-ordination of the functions of the institutions engaged in similar activities.t is the Principal Financial Institution for the Promotion, Financing and Development of the Micro, Small and Medium Enterprise (MSME) sector and for Co-ordination of the functions of the institutions engaged in similar activities. SIDBI Among Top 30 Development Banks of the World. SIDBI retained its position in the top 30 Development Banks of the World in the ranking of The Banker, London. As per the May 2001 issue of The Banker, London, SIDBI ranked 25th both in terms of Capital and Assets.
SIDBI Chairman and Managing Director Kshatrapati Shivaji

Recent news related to ‘Stand up India’:

Stand up India Start up India . CLICK HERE FOR MORE DETAILS

Extra info:

  • The process 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).
  • Chairman of National Bank for Agriculture and Rural Development – Dr. Harsh Kumar Bhanwala 
  • In this 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.
  • Stand Up Connect Centres (SUCC)
  • Dalit Indian Chamber of Commerce and Industry (DICCI)

So lets do:

  • Who is the Chairman of NABARD?
  • Expand the DICCI?
  • Who is the Chairman of SIDBI?


Source – The Hindu

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