Stand Up India Key Features/Objectives/Aim
On 5th April, 2016 the Hon’ble PM of India has launched a scheme named Stand Up India which aims to help the poor, backward masses of the nation, economically. It is a mass project under which the backward classes, women, tribes and economically weak categories will get financial help in terms of small loans so that they will not have to depend on others for their food, clothes and shelter. They can keep their heads high and stand up and sustain independently. The idea of entrepreneurship among those masses is to be developed by providing them necessary funds and resources.
Loans under the Stand Up Scheme for financially backward entrepreneurs
The central govt. has decided to provide loans under this scheme to those beneficiaries who want to pursue entrepreneurship and stand up on their own feet. These loans will range from Rs. 10 lakh and the maximum amount a beneficiary can claim under this project is Rs. 1 crore. These loans can be repaid in easy installments as favorable to the beneficiaries and will be given grace periods for repayment. The interest rates on the credit amount will be very less compared to the existing rates in the market.
How the loans will be provided to the beneficiaries under the Stand Up Scheme?
The economic backward and women entrepreneurs can avail these loans after they complete the registration process for the Stand Up scheme. The financial institutes under which the loans will be provided will put the loan amount in the savings bank accounts of the beneficiaries. Loans starting from Rs. 10 lakh and a maximum of Rs. 1 crore will be provided to the rightful beneficiaries. The beneficiaries can easily withdraw the desired amount from the bank accounts with the help of RuPay debit cards specially issued for this project.
Some Important data regarding the Stand Up India Scheme
|Sl. No.||Attributes||Related Data|
|1||Name of the scheme||Stand Up India Scheme|
|2||Total beneficiaries||2.5 lakh|
|3||Loan amount to be sanctioned||Rs. 10 lakh – Rs. 1 crore|
|4||Beneficiary eligibility||Women, Scheduled Caste, Scheduled Tribe performing Entrepreneurship|
|5||Mode of loan withdrawal||RuPay Debit card|
|6||Regulatory organization||Small Industries Development Bank of India (SIDBI)|
|7||Place of enquiry and registration of scheme||Stand Up Connect Centres (SUCC)|
Stand Up Connect Centres (SUCC) for scheme administration
To provide support, make enquiries and to administer the project, the govt. will open up connect centres for this scheme. That’s why, many offices of NABARD and SIDBI will be made the Connect Centres where the beneficiaries may know the scheme details, do registration work and come for any scheme related information and get assistance. Just like customer cares, these connect centres for this scheme will serve the same purpose.
Web portal and credit guarantee for Stand Up India scheme
Dedicated web portals will be functional so that swift registration process, beneficiary service and other services can be provided efficiently. Also the beneficiaries will get credit guarantee under this scheme for which the centre has already sanctioned Rs. 5,000 crore.
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