Stand Up India
The Union Cabinet
approved the Stand Up India Scheme to promote entrepreneurship among Scheduled
Caste/Scheduled Tribes and Women entrepreneurs. The Scheme is intended to
facilitate at least two 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 of at least 2.5 lakh
approvals is 36 months from the launch of the Scheme.
Highlights of the Stand Up India
Scheme
Ø It
provides for refinance window through Small Industries Development Bank of
India (SIDBI) with an initial amount of 10000 crore rupees.
Ø It
will create credit guarantee mechanism through the National Credit Guarantee
Trustee Company (NCGTC).
Ø It
will provide support for borrowers both at the pre loan stage and during
operations.
Ø Its
focus is on handholding support for both SC/ST and Women borrowers.
Ø The
aim is to leverage institutional credit structure to reach out under-served
sectors of the population by facilitating bank loans repayable up to 7 years
and between 10 lakh rupees- 100 lakh rupees for greenfield enterprises in
nonfarm sector set up by such SC, ST and Women borrowers.
Ø 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.
Ø The
National Credit Guarantee Trustee Company Ltd (NCGTC) will be the operating
agency for the loan.
Ø Margin
money of the composite loan would be up to 25 percent.
The Start up India
Stand up India initiative was announced by the Prime Minister, Mr. Narendra Modi in his speech on 15 August 2015.
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