Home / News / India /  FM Sitharaman to meet CEOs of PSBs to review schemes' progress for SCs in Sept-end

Union Finance Minister Nirmala Sitharaman is all set to meet the heads of public sector banks and financial institutions by the end of September to review progress of various government schemes aimed at welfare and upliftment of scheduled castes.

According to the details, schemes like Stand-Up India, Pradhan Mantri Mudra Yojana (PMMY), and Credit Enhancement Guarantee Scheme for Scheduled Castes (SCs) and their progress would be discussed.

Apart from this, in the meeting, the Finance Minister would review the performance of public sector banks (PSBs) and financial institutions to provide credit to people belonging to the SC community and other welfare measures under implementation.

The meeting would see participation from chairman of National Commission for Scheduled Castes (NCSC), financial services secretary and other senior officials.

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Launched in 2016 to promote entrepreneurship among the scheduled caste/ scheduled tribe and women, the Stand-Up India scheme helps in facilitating bank loans of 10 lakh to 1 crore to at least one SC/ST borrower and one woman borrower per bank branch for setting up new enterprises in trading, manufacturing and services sector.

Stand-Up India was extended for the entire period coinciding with the 15th Finance Commission period of 2020-25 in FY 2019-20.

The government had aimed to benefit at least 2.5 lakh borrowers. As on 22 July, 2022, a total of 1,44,223 loans have been sanctioned to women and SC/ST entrepreneurs across the country under the scheme, says government data.

Under PMMY, collateral-free institutional credit of up to 10 lakh is provided by Member Lending Institutions (MLIs) to micro/small business units, for income generating activities in sectors such as manufacturing, trading, services and also for activities allied to agriculture.

Since inception of PMMY, more than 35.88 crore loans amounting to 19.61 lakh crore have been extended as on 1 July, 2022.

With PTI inputs.

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