Which financial institution serves as a key partner in implementing the Stand-Up India Scheme, an initiative launched to promote greenfield entrepreneurship among female, SC, and ST founders?
Correct Answer :
Small Industries Development Bank of India (SIDBI)
Solution :
The correct answer is Small Industries Development Bank of India (SIDBI).
Explanation:
1. About the Scheme: The Stand-Up India Scheme was launched by the Prime Minister of India on April 5, 2016, under the Ministry of Finance. Its objective is to promote greenfield entrepreneurship specifically among Scheduled Castes (SC), Scheduled Tribes (ST), and female entrepreneurs.
2. Financial Assistance: Under this scheme, bank loans ranging between 10 lakh rupees and 1 crore rupees are facilitated for setting up a greenfield (new) enterprise in manufacturing, services, trading, or agriculture-allied activities.
3. Role of SIDBI: The Small Industries Development Bank of India (SIDBI) is a key implementing partner for the scheme. SIDBI manages the Stand-Up India web portal, connecting prospective entrepreneurs to banks, handholding agencies, and credit guarantee institutions to ensure seamless loan processing and guidance.
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