Women entrepreneurs most benefitted from Standup India, Mudra schemes: Finance Ministry

New Delhi: The Ministry of Finance via a press communication stated that in the past six years it has launched various schemes which have special provisions for the empowerment of women. These schemes have financially empowered women to lead a better life and chase their dreams of being an entrepreneur.

Standup India scheme was launched on 5 April 2016, to promote entrepreneurship at grassroots level for economic empowerment and job creation. This scheme seeks to leverage the institutional credit structure to reach out to the under-served sector of people such as Scheduled Caste (SC), Scheduled Tribe (ST) and women entrepreneurs so as to enable them to participate in the economic growth of the nation.

The objective of this scheme is to facilitate 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 of SCBs for setting up a ‘greenfield’ enterprise.

As of 17 February, more than 81% account holders under Standup India scheme are women. 73,155 accounts have been opened for women. Rs 16,712.72 crore has been sanctioned for women account holders and Rs 9,106.13 crore has been disbursed for women account holders.

Pradhan Mantri MUDRA Yojana (PMMY) was launched on 8 April 2015, for providing loans up to Rs 10 lakh to non-corporate, non-farm small/micro-enterprises. These loans are classified as MUDRA loans under PMMY. These loans are given by commercial banks, regional rural banks, small finance banks, microfinance institutions (MFIs) and non-banking financial companies (NBFCs).

Under the aegis of PMMY, MUDRA has created three products namely ‘shishu’, ‘kishore’ and ‘tarun’ to signify the stage of growth, development and funding needs of the beneficiary micro unit/entrepreneur and also provide a reference point for the next phase of graduation/growth.

The vision of the MUDRA scheme is to be an integrated financial and support services provider par excellence benchmarked with global best practices and standards for the bottom of the pyramid universe for their comprehensive economic and social development.

As on 31 January, more than 22.53 crore loans have been sanctioned since the launch of the scheme. Out of this, more than 15.75 crore loans were extended to women, thereby 70% of the total loan borrowers are Women.

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The ID Staff

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