With an objective to promote entrepreneurship among Scheduled Caste/Schedule Tribe and women by providing loans to the tune of Rs. 10 lakhs to Rs. 100 lakhs, Prime Minister Narendra Modi is set to launch the 'Stand up India' scheme and its web portal at Sector 62 in Uttar Pradesh's (U.P.) Noida city on Tuesday.
The scheme, which will be launched in presence of U.P. Governor Ram Naik, Union Minister for Culture and Tourism and Union Minister of State for Finance among others, is expected to benefit large number of such entrepreneurs, as it is intended to facilitate at least two such projects per bank branch (Scheduled Commercial Bank) on an average one for each category of entrepreneur.
The overall intent of the proposal is to leverage the institutional credit structure to reach out to these underserved sectors of the population by facilitating bank loans in the non-farm sector set up by such SC, ST and Women borrowers. The initiative will also develop synergies with ongoing schemes of other departments.
The process would be led by the Small Industries Development Bank of India (SIDBI) with involvement of the Dalit Indian Chamber of Commerce and Industry (DICCI) and various sector-specific institutions across the country.
The offices of SIDBI and National Bank for Agriculture and Rural Development (NABARD) shall be designated Stand Up Connect Centres (SUCC).
The launch event would involve distribution of 5100 e-rickshaws by Bhartiya Micro Credit (BMC) under the Pradhan Mantri Mudra Yojna scheme.
In addition, the recipients will also be covered under the Pradhan Matri Jan Dhan Yojna, Pradhan Mantri Suraksha Yojana, Pradhan Mantri Jivan Jyoti Yojana, Atal Pension Yojana schemes and other eight significant Prime Minister schemes.