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A Great move by PM Narendra Modi whose scheme for Women, SC/ST entrepreneurs has crossed 1 lakh sanctioned loans under Startup India.

The Government has taken various steps towards the effective implementation of the Scheme.

Stand Up India Scheme was launched by the Prime Minister on 05th April 2016 and extended up to the year 2025 to facilitate loans to Scheduled Caste, Scheduled Tribe, and Women borrowers with a total of  1,16,266 loans amounting to Rs. 26204.49 crore extended under the scheme since inception Margin Money requirements for Scheme loans reduced in the Budget Speech for FY 2021-22 Activities allied to agriculture included in the Scheme in the Budget Speech for FY 2021-22.

As informed by the Department of Financial Services, Ministry of Finance, Pursuant to an announcement made by the Finance Minister in the Budget Speech for F.Y.2021-22, the margin money requirement for loans under the Scheme has been reduced from ‘up to 25%’ to `up to 15%’ and activities allied to agriculture have been included in the Scheme. Apart from this, no other change is contemplated in the scheme.

The government does not allocate funds for loans under the Stand Up India Scheme. Loans under the Scheme are extended by SCBs as per commercial parameters, Board-approved policies of respective banks, and extant RBI guidelines.

these, inter alia, include provision for submission for online applications by potential borrowers through www.standupmitra.in portal, hand-holding support, intensive publicity campaign, simplified loan application form, Credit Guarantee Scheme, convergence with State and Central government Schemes wherever feasible, reduction in margin money and inclusion of activities allied to agriculture, etc.

This information was given by the Minister of State for Social Justice and Empowerment Sushri Pratima Bhoumik in a written reply in Lok Sabha.

What do you think?

Ravi Tilekar

Written by Ravi Tilekar

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