The Cabinet has approved the Stand Up India Scheme to promote entrepreneurship among Scheduled Caste/Schedule Tribe and Women.
The schemes provides for composite loans by banks between Rs. 10 lakh and upto Rs. 100 lakh for setting up a new enterprise in the non-farm sector. These loans would be eligible for refinance and credit guarantee cover.
A credit guarantee fund of Rs. 5,000 crore for providing guarantee cover for loans under Stand Up India in next five years has been approved. Provision of initial capital of Rs. 500 crore to the corpus in FY 2016-17 has been made.
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