STOCK MARKET BSE NSE

PM Launches Stand up India to Promote Financial Inclusion

Under the scheme 1.25 lakh bank branches will provide loans up to Rs 1 crore to SC/ST and women entrepreneurs.

Published: 05th April 2016 07:05 PM  |   Last Updated: 05th April 2016 07:07 PM   |  A+A-

000_APD568031

Indian Prime Minister Narendra Modi |AFP

By PTI

NOIDA: Giving a push to government's financial inclusion programme, Prime Minister Narendra Modi today launched the Stand-up India scheme under which 1.25 lakh bank branches will provide loans up to Rs 1 crore to SC/ST and women entrepreneurs.

At a function, which was organised to mark birth anniversary of dalit leader and former Deputy Prime Minister Babu Jagjivan Ram, Modi flagged off 5,100 e-rickshaws.

Explaining the contours of Stand-up India programme, Modi said this will help in creating 2.5 lakh entrepreneurs throughout the country as every bank branch will be required to provide two such loans ranging from Rs 10 lakh to Rs 1 crore without collateral for setting up a new enterprise.

Stressing that it is not possible for the government to provide jobs to everyone, the Prime Minister said the scheme will convert "job-seekers into job-creators...This scheme is going to transform the lives of people from dalit and tribal communities."

Stand up India, he said, aims to empower every Indian and enable them to stand on their own feet.

The scheme was announced by Modi in his Independence Day address.

Modi also took a dig at the Congress by pointing out that no previous government had organised any function on the birth anniversary of Jagjivan Ram, who as agriculture minister did a lot to usher the green revolution and was defence minister at the time of 1971 war.

"It is unfortunate that contribution of such people is being ignored," he said.

Speaking at the function, Finance Minister Arun Jaitley said his ministry, which is usually associated with big business houses, in the last two years has tried to work for the betterment of the poor people.

He recalled various schemes of the government like Jan Dhan Yojana, insurance and pension and MUDRA Yojana to promote financial inclusion with the view to empower the poor.

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp