Centre approved 25,586 crores under the 'Stand-Up India' scheme
Extended upto the year 2025, the main purpose of Stand up India scheme is to provide loans for setting up greenfield enterprises in manufacturing, services or the trading sector and activities allied to agriculture by both ready and trainee borrowers. The scheme was launched on April 5, 2016 to promote entrepreneurship amongst women, Scheduled Castes and Scheduled Tribes category.
According to an official release, while the total loans sanctioned to women stood at ₹ 21,200.77 crore (93034 accounts); the loans sanctioned to SCs stood at ₹ 3335.87 crore (16258 accounts) and STs at ₹1049.72 crore (4,970 accounts).
The Finance Ministry said, nearly five years since launch, the Stand-up India scheme has seen loans sanctioned by banks in aggregate of ₹ 25,586 crore to over 1,14,322 accounts. The main purpose of this - which is now extended upto the year 2025– is to provide loans for setting up greenfield enterprises in manufacturing, services or the trading sector and activities allied to agriculture by both ready and trainee borrowers.
This scheme facilitates bank loans between ₹ 10 lakhs to ₹ 1 crore to atleast one scheduled caste/scheduled tribe borrower and atleast one woman borrower per bank branch of scheduled commercial banks. Loans under this scheme are available for only greenfield projects. Greenfield signifies, in this context, the first-time venture of the beneficiary in the manufacturing, services or the trading sector and activities allied to agriculture.
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