Prime Minister Narendra Modi is going to inaugurate the ‘Stand Up India’ scheme on 5th April. The scheme aims to creating jobs and promoting entrepreneurs among SC, ST and women. The scheme will loans to these segments at cheaper rates. The Prime Minister Modi will launched the scheme at a function in Noida (UP).
According to this scheme PSB will provide the loans facility at the least applicable rate of interest with the help of approx 1.25 lakh bank branches. Apart from PSB the private sector bank will also provide the loans between rs. 10 lakh to 1 crore to atleast one SC, ST and one women entrepreneur.
The Cabinet headed by Mr. Narendra Modi had approved ‘Stand up India’ scheme for providing credit to SC, ST and women entrepreneurs at lower rates in January 2016. The Scheme is intended to facilitate at least two such projects per bank branch, on an average one for each category of entrepreneur. It is expected to benefit at least 2.5 lakh borrowers. The expected date of reaching the target is 36 months from the launch of the Scheme.
The loan under the scheme would be appropriately secured and backed by a credit guarantee through a credit guarantee scheme for which Department of Financial Services would be the settler and National Credit Guarantee Trustee Company Ltd. (NCGTC) would be the operating agency.
Extra Info :
The “Start up India Stand up India” initiative was announced by the PrimeMinister in his address to the nation on 15th August, 2015. The Stand up India component is anchored by Department of Financial Services (DFS) to encourage greenfield enterprises by SC/ST and Women entrepreneurs.
So now lets discuss some questions related to this post which can be asked in the upcoming exams :
1. Prime Minister Modi is going to which scheme on 5th of April ?
2. What is the aim of ‘Stand Up India’ scheme ?
3. The Stand Up India scheme will provide the credit facility to which segments ?
Courtesy : Economic India