With reference to 'Stand Up India Scheme', which of the following stat

With reference to ‘Stand Up India Scheme’, which of the following statements 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.

[amp_mcq option1=”1 only” option2=”2 only” option3=”Both 1 and 2″ option4=”Neither 1 nor 2″ correct=”option3″]

This question was previously asked in

UPSC IAS – 2016

Both statements are correct with reference to the ‘Stand Up India Scheme’.

– The purpose of the Stand Up India Scheme is indeed to promote entrepreneurship among women and Scheduled Castes (SC) and Scheduled Tribes (ST) categories (Statement 1). It facilitates bank loans for greenfield enterprises in manufacturing, services, or trading sectors.
– The scheme mandates bank branches to facilitate at least one loan between ₹10 lakh and ₹1 crore to an SC or ST borrower and at least one loan to a woman borrower.
– The scheme does provide for refinance through the Small Industries Development Bank of India (SIDBI) (Statement 2). SIDBI is the nodal agency for the Stand Up India Scheme and provides refinance assistance to banks for lending under the scheme.

The scheme was launched on April 5, 2016. It aims to address institutional credit gaps by enabling banks to extend financial support to these underserved sectors of the population, thereby promoting inclusive growth.

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