Prime Minister Narendra Modi had announced Start up India and Stand up India initiatives in his Independence Day speech last year. Under Stand up India the government aims to achieve the target of at least 2.5 lakh approvals in three years from the launch of the scheme.
the Union cabinet on Wednesday approved ‘Stand Up India’ scheme and creation of a credit guarantee fund to back the Mudra Yojana. The cabinet also approved conversion of MUDRA Ltd, a non-banking financial company, into MUDRA Small Industries Development Bank of India (SIDBI) Bank, a wholly-owned subsidiary of SIDBI. “There is a need to support SC/ST and women entrepreneurs…Under Stand up India scheme, Rs 10 lakh to Rs 1 crore will be provided as loan to them for new ventures,” finance minister Arun Jaitley said. Every bank branch will fund at least one SC/SCT and one women entrepreneur, he said.
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