New Delhi, Apr 4 (KNN) Prime Minister Narendra Modi will be launching the “Stand up India scheme” and a Web portal for the scheme on April 5, 2016 at Sector 62, Noida.

It will be attended by Governor, UP, Union Finance Minister, Union Minister for Culture and Tourism and Union Minister of State for Finance among others.

The “Stand up India Scheme” is being launched now to promote entrepreneurship among Scheduled Caste/Schedule Tribe and Women for loans in the range of Rs. 10 Lakhs to Rs. 100 Lakhs.

The Scheme 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, Ministry of Finance said in a release. 

Under the scheme, composite loan between Rs. 10 lakh and upto Rs.100 lakh, inclusive of working capital component for setting up any new enterprise would be given; Credit history of borrower to be developed; Refinance window through Small Industries Development Bank of India (SIDBI) with an initial amount of Rs.10,000 crore would be developed. 

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, said the release. 

The process would be led by SIDBI with involvement of Dalit Indian Chamber of Commerce and Industry (DICCI) and various sector – specific institutions all over the country.

The offices of SIDBI and National Bank for Agriculture and Rural Development (NABARD) shall be designated Stand Up Connect Centres (SUCC). (With PIB Inputs)