PM Narendra Modi launched the Stand UP India scheme which will help Scheduled Castes, Scheduled Tribes and women entrepreneurs to access loans at lower interest rates. Under this program, 2.5 lakh such entrepreneurs will be created across the country.
Under the scheme, each bank branch has to provide collateral free loan up to 1 Cr to one SC/ST and one woman entrepreneurs. There are currently 1.25 lakh bank branches in India. The banks have to provide loans in the range of 10 lakh to 1 Cr.
At a function held in Noida on Tuesday, he also flagged off 5,100 e-rickshaws which will collaborate with private player Ola Cabs for improved service. For the last 3 years, e-rickshaw has provided income opportunities for unskilled persons in cities like Delhi, Mumbai, Gurgaon as well as for smaller cities.
People belonging to scheduled castes, scheduled tribes and women entrepreneurs will get support in pre-loan training, facilitating loan and marketing. Small Industries Development Bank of India (SIDBI) and National Bank of Agriculture and Rural Development (NBARD) will be designated as “Stand Up Connect Centers.