1,11,619 Loans Amounting to INR. 24,985.27 Crore Extended Under Stand-Up India Scheme

The objective of the Stand-Up India Scheme is to facilitate loans from Scheduled Commercial Banks (SCBs) of value between Rs. 10 lakh (US$ 13.78 thousand) and Rs. 1 crore (US$ 137.79 thousand) to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and one woman borrower per bank branch for setting up a greenfield enterprise in manufacturing, services or trading sector.

This was stated by Mr. Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Rajya Sabha today.

Giving more details, the Minister stated that as on 02.03.2021, a total of 1,11,619 loans amounting to Rs. 24,985.27 crore (US$ 3.44 billion) have been extended under the Scheme since inception.

Pursuant to an announcement made in the Finance Minister’s Budget Speech for F.Y.2021-22, the margin money requirement for loans under this has been reduced from ‘upto 25%’ to ‘upto 15%’ and activities allied to agriculture have been included in the Scheme, the Minister stated.

The Minister further stated that the Government has taken various steps towards effective implementation of the Scheme. These, inter alia, include provision for submission for online applications by potential borrowers through an online portal (www.standupmitra.in), handholding support, intensive publicity campaign, simplified loan application form, Credit Guarantee Scheme, campaign for target group through dedicated weekly programmes etc.

Source: IBEF