Prime Minister Narendra Modi will be launching the 'Stand up India' and a web portal for the scheme on April 5 under which banks will give loans worth Rs. 10 lakh to Rs. 1 crore to Scheduled Caste/Schedule Tribe and women entrepreneurs. 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 aimed at creating jobs and promoting entrepreneurs among SC, ST and women by extending loans at cheaper rates.
Under the scheme, SC/ST and women entrepreneurs who avail loan would be given a RuPay Debit Card for withdrawal, besides comprehensive support like pre-loan training, facilitating loan, factoring and marketing. Moreover, the government will create a web portal for online registration and support services and also prepare a credit history of borrowers.
Furthermore, there would be a Rs 10,000 crore refinance window through Small Industries Development Bank of India (SIDBI) and the National Credit Guarantee Trustee Company Ltd (NCGTC) will create a corpus of Rs 5,000 crore. SIDBI would engage with the Dalit Indian Chamber of Commerce and Industry and various institutions. The offices of SIDBI and National Bank for Agriculture and Rural Development (NABARD) shall be designated Stand Up Connect Centres.