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 refinancing through SIDBI. Select the correct answer using the code given below.
Explanation
Statement 1 is Correct: The Stand-up India scheme aims at promoting entrepreneurship among women and scheduled castes and tribes.
Statement 2 is Correct: The scheme is anchored by the Department of Financial Services (DFS), Ministry of Finance, Government of India.
- The scheme provides for a refinance window through Small Industries Development Bank of India (SIDBI) with an initial amount of Rs, 10,000 Crore. - Stand-Up India Scheme facilitates bank loans between Rs 10 lakh and Rs 1 Crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and at least one woman borrower per bank branch for setting up a greenfield enterprise. - This enterprise may be in manufacturing, services or the trading sector. - In the case of non-individual enterprises, at least 51% of the shareholding and controlling stake should be held by either an SC/ST or woman entrepreneur.
Hence, option C is the correct answer.