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‘Stand Up India’

Cabinet approves ‘Stand Up India’ scheme:

 The Union Cabinet, approved the “Stand Up India Scheme” to promote entrepreneurship among SC/ST and Women entrepreneurs.

The Scheme is intended to facilitate at least two such projects per bank branch, on an average one for each category of entrepreneur. It is expected to benefit atleast 2.5 lakh borrowers.

The Scheme envisages :

• Focus is on handholding support for both SC/ST and Women borrowers.

• The overall intent of the approval is to leverage the institutional credit structure to reach out to these under-served sectors of the population by facilitating bank loans repayable up to 7 years and between Rs. 10 lakh to Rs. 100 lakh for greenfield enterprises in the non farm sector set up by such SC, ST and Women borrowers.

• The loan under the scheme would be appropriately secured and backed by a credit guarantee through a credit guarantee scheme for which Department of Financial Services would be the settler and National Credit Guarantee Trustee Company Ltd. (NCGTC) would be the operating agency.

• Margin money of the composite loan would be up to 25%. Convergence with state schemes is expected to reduce the actual requirement of margin money for a number of borrowers.

• Over a period of time, it is proposed that a credit history of the borrower be built up through Credit Bureaus.

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