Prime Minister Narendra Modi on Tuesday launch the ‘Stand Up India’ scheme and its web portal at Uttar Pradesh’s Noida. The initiative will promote entrepreneurship among the Scheduled Castes, Scheduled Tribes, and women, by facilitating loans in the range of Rs 10 lakh to Rs 100 lakh.
As Modi government announced during National Budget 2016, the scheme essentially requires each branch of a scheduled commercial bank to facilitate at least two such loans. The government has allocated Rs 500 crore to this scheme, and a web portal will also be launched to enable online registration and support services.
PM Modi will also flag-off 5,100 e-rickshaws and also interact with the beneficiaries, besides inaugurating a Kaushal Vikas Kendra (skilling centre).
In addition to the government, the Small Industries Development Bank of India (Sidbi) too is said to be raising up to Rs 10,000-crore corpus for the scheme, which will then be disbursed to Dalit and women entrepreneurs.