With reference to the ‘stand up India scheme’, which of the following statement is/are correct? 1. Its purpose is to promote entrepreneurship among SC/ST and women entrepreneurs. 2. It provides for refinance through SIDBI. Select the correct answer using the code given below:
- A.1 only
- B.2 only
- C.Both 1 and 2
- D.Neither 1 nor 2
Explanation
It was launched in April 2016 to promote entrepreneurship at the grass-root level focusing on economic empowerment and job creation. To leverage the institutional credit structure to reach out to the underserved sector of people such as SCs, STs and Women Entrepreneurs. The objective of this scheme is to facilitate bank loans between Rs.10 lakh and Rs.1 crore to at least one SC or ST borrower and at least one woman borrower per bank branch of Scheduled Commercial Banks for setting up a Greenfield enterprise. The offices of SIDBI (Small Industries Development Bank of India) and NABARD (National Bank for Agriculture and Rural Development) are designated Stand-Up Connect Centres (SUCC). Recently, the Ministry of Finance has extended the Standup India Scheme up to the year 2025. New Changes: The margin money requirement for loans under the scheme has been reduced from ‘25% to ‘upto 15%’, and activities allied to agriculture have been included in the Scheme.