Aimed at providing credit to Scheduled Castes and Scheduled Tribes, and women borrowers in the country, Prime Minister Narendra Modi on Tuesday launched his government’s ambitious ‘Stand up India’ scheme in Uttar Pradesh.
The ‘’Stand up India’’ scheme is intended to give loans up to Rs. 1 crore for SC, ST and women entrepreneurs they will be given a RuPay debit card to enable the withdrawal of the working capital.
“The intent of the proposal is to leverage the institutional credit structure to reach out to these underserved sectors of the population by facilitating bank loans in the non-farm sector set up by such SC, ST and women borrowers,” a release said.
17 party MPs belonging to the Scheduled Caste community were present at the event held at Noida sector 62.
While Uttar Pradesh Governor Ram Naik was present at the event, CM Akhilesh Yadav was absent, sending instead a state cabinet minister to represent the Uttar Pradesh state government.
The government has also plans to provide refinance through the Small Industries Development Bank of India (SIDBI) with an initial amount of Rs. 10,000 crore.
The scheme will also create a corpus of Rs. 5,000 crore for credit guarantee via the National Credit Guarantee Trustee Company. On this occasion, PM will also distribute e-rickshaws under Pradhan Mantri Mudra Yiojana.
Governor of UP Ram Naik, Union Finance Minister, Arun Jaitley, Union Minister of State (I/C) for Culture and Tourism, Mahesh Sharma and Union Minister of State for Finance Jayant Sinha will also be present on this occasion.
Keeping the high profile visit in mind, Uttar Pradesh police made elaborate security arrangements.
“Ghaziabad police has enforced Operation Green under which no vehicle will be permitted to ply in the area. District borders touching Delhi and Noida will be sealed completely till the PM’s programme concludes,” said Superintendent of Police (City) Salman Taj Patil.