PM Modi launches Stand up India scheme for SC/ST

Prime Minister Narendra Modi has launched the Stand-up India scheme to give a push to government's financial inclusion programme. Under the scheme, 1.25 lakh bank branches will provide loans up to 1 crore rupees to SC/ST and women entrepreneurs.

Explaining the contours of Stand-up India programme, Mr Modi said this will help in creating 2.5 lakh entrepreneurs throughout the country as every bank branch will be required to provide two such loans ranging from 10 lakh to Rs 1 crore without collateral for setting up a new enterprise.

At a function in Noida yesterday, which was organised to mark birth anniversary of dalit leader and former Deputy Prime Minister Babu Jagjivan Ram, Mr Modi flagged off 5,100



e-rickshaws. 

Stressing that it is not possible for the government to provide jobs to everyone, the Prime Minister said the scheme will convert job-seekers into job-creators. He said the scheme is going to transform the lives of people from dalit and tribal communities.

Stand up India, he said, aims to empower every Indian and enable them to stand on their own feet. The scheme creates a corpus of 5,000 crore rupees for credit guarantee through National Credit Guarantee Trustee Company Limited. Handholding support for borrowers with comprehensive support for pre loan training needs, facilitating loan etc are also part of the scheme. RuPay Debit Card for drawal of working capital will be given to the aspiring entrepreneurs.