The Stand-Up India Scheme launched by the Prime Minister Mr. Narender Modi on 5th April, 2016, which is for financing the SC/ ST and Women Entrepreneurs by every bank branch. The scheme covers all branches of Scheduled Commercial Banks and the loan may be accessed in three potential ways
THE BANK BRANCHES
- Process loans within the timeframe as stipulated in Code of Bank’s Commitment to SME borrower (Application for loan upto 5 lakh within 2 weeks, between 5 – 25 lakh in 3 weeks, above 25 lakh in 6 weeks, from the date of receipt of application provided the application is complete in all respects and is accompanied by documents required).
- Process loan applications of the applicants received online on stand up mitra portal.
- In case of rejection, reason to be made known to borrower as stipulated in the Code of Bank’s Commitment to Customers.
- Banks to put in place an internal mechanism for monitoring of scheme performance.
SIDBI Stand-Up India portal (www.standupmitra.in)
- To operate and maintain the Stand-Up India web portal.
- Arrange for handholding support for Trainee Borrowers.
- Liaise with banks for follow up in potential cases through LDM/SLBC.
- Coordinate with LDM for easing bottlenecks.
- Assist the SLBC and DLCC in reviews and monitoring.
- Participate in Stand-Up events organized by NABARD.
Schemes for Women
- Prime Minister’s Rozgar Yojana (PMRY): In this scheme the preference is given to women beneficiaries
- Rashtriya Mahila Kosh : To meet the credit needs of the poor and asset needs of the women in the informal sector.
- Trade Related Entrepreneurship Assistance and Development Scheme for Women (TREAD): This Scheme envisages economic empowerment of women through the development of their entrepreneurial skills in non-farm activities.