Recently, the Union Cabinet gave approval to the Stand up India scheme for promotion of 2.5 lakh schedule caste, schedule tribe and women entrepreneurs through banks.
Rs.10, 000 crore will be given as an initial amount for the refinance of ‘Stand Up India Scheme’. Finance would be provided through Small Industries Development Bank of India (SIDBI).
After a cabinet meeting an official statement was passed, which further explained about the terms of the scheme. As per the scheme, the target is to benefit 2.5 lakh borrowers in 36 months. Through National Credit Guarantee Trustee Company (NCGTC), creation of a credit guarantee mechanism is ensured.
The financial support would be provided by the Department of Financial Services and operating agency would be NCGTC.
When PM Modi addressed the nation on 15th August 2015, he announced the initiative of Startup India, Stand up India. In order to encourage Greenfield enterprises of SC/ST and women entrepreneurs, Department of Financial Services is supporting the Stand up India scheme.
