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Business News » India News

Govt sanctions 15,341 loans under Stand Up India scheme to women entrepreneurs in FY17

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Govt sanctions 15,341 loans under Stand Up India scheme to women entrepreneurs in FY17
It has disbursed Rs 77,916.54 crore loans to 2.12 crore borrowers including 1.68 crore women entrepreneurs under its PMMY scheme as of December 9, 2016, cited the Ministry of Finance in an official statement on Sunday. Image Source: ZeeBiz WebDesk
Written By: Tejal Yerunkar
Updated: Sun, Jan 01, 2017
03:55 pm
Mumbai , ZeeBiz WebDesk
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The government sanctioned over Rs 70,000 crore loans to over 2 crore borrowers including women entrepreneurs under its Pradhan Mantri Mudra Yojana (PMMY) scheme in the fiscal year 2016-17 (FY17). 

It has disbursed Rs 77,916.54 crore loans to 2.12 crore borrowers including 1.68 crore women entrepreneurs under its PMMY scheme as of December 9, 2016, cited the Ministry of Finance in an official statement on Sunday. 

In an attempt to provide formal access of financial facilities to non-corporate small business sector (NCSBS), Prime Minister Narendra Modi had launched PMMY scheme on April 8, 2015.  

Moreover, the government has sanctioned 15,341 total number of loans under 'Stand Up India' scheme to women entrepreneurs as of December 23, 2016.

In an attempt to provide credit access to women entreprenuers, Modi had launched Stand-Up India scheme on April 5 last year. 

ALSO READ: Banks to disburse Rs 1.80 lakh crore loans under PMMY in FY17: Jayant Sinha

The scheme envisages extending bank loans between Rs 10 lakh to Rs 1 crore for greenfield enterprises set-up by Scheduled Caste (SC), Scheduled Tribe (ST) and women entrepreneurs and extending effective handholding support to them.

Under the scheme, each bank branch has to extend loans to at least one SC/ST and one woman entrepreneur.  

The loan shall be a composite loan to meet the requirement of fixed assets and working capital with rate of interest being the lowest applicable rate of the bank for that category as per rating. 

The scheme shall be implemented through 1.25 lakh bank branches of all Scheduled Commercial Banks, the Ministry of Finance said in its yearly achievements report on various schemes.

It further noted that the Credit Guarantee Fund Scheme for Stand-Up India (CGFSI) is operational with a corpus fund of Rs.5,000 crore. 

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TAGS:
loanEconomyGovtstand up india schemewomen entrepreneuersPradhan Mantri Mudra Yojana schemePMMY schemeMinistry of FinanceGovernmentloan sanctionNarendra ModiSCstCredit Guarantee Fund Schemecredit accessCGFSIScheduled Commercial banksnon-corporate small business sectorloans disbursement
RELATED NEWS
Banks to disburse Rs 1.80 lakh crore loans under PMMY in FY17: Jayant Sinha Banks to disburse Rs 1.80 lakh crore loans under PMMY in FY17: Jayant Sinha
Here’s how the Pradhan Mantri Yojanas have fared so far Here’s how the Pradhan Mantri Yojanas have fared so far

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