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NaMo ushered in “Stand Up India” scheme

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In order to promote entrepreneurship, Prime Minister Narendra Modi initiated the “Stand up India scheme” and a Web portal for the scheme in Noida, Uttar Pradesh.

  • The initiative is taken to elevate entrepreneurship among Scheduled Caste/Schedule Tribe and Women by providing loans between Rs. 10 Lakhs to Rs. 100 Lakhs.
  • 5100 E-Rickshaws also distributed at the launch event by Bhartiya Micro Credit (BMC) under the Pradhan Mantri Mudra Yojna scheme.
  • Kaushal Vikas Kendra also inaugurated in Noida.

Modi to launch 'Stand Up India' schemeHere are the key features of “Stand up India scheme”

  • Composite advance between 10 lakh and upto Rs.100 lakh, comprehensive of working capital component for setting up a new enterprise.
  • RuPay Debit Card for drawal of working capital.
  • Credit history of the 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 far reaching support for pre loan preparing needs, encouraging credit, advertising and so forth.
  • Web Portal for online registration and support services.

The process would be led by SIDBI along with Dalit Indian Chamber of Commerce and Industry (DICCI). The workplaces of SIDBI and National Bank for Agriculture and Rural Development (NABARD) might be assigned Stand Up Connect Centers (SUCC).

Keys:
Pradhan Mantri Jan Dhan Yojana (PMJDY) – “Banking the Unbanked”
Pradhan Mantri MUDRA Yojana (PMMY) – “Funding the Unfunded”