New Delhi: Finance Minister Nirmala Sitharaman plans to meet heads of public sector banks and financial institutions later this month to review the progress of various government schemes aimed at welfare and uplift the scheduled castes.
Schemes like Stand-Up India, Pradhan Mantri Mudra Yojana (PMMY) and Credit Enhancement Guarantee Scheme for Scheduled Castes (SC) and their progress will be discussed during the meeting, sources said.
The meeting will review the performance of public sector banks (PSBs) and financial institutions in providing credit to people belonging to the SC community and other welfare measures being implemented, they said.
READ ALSO | Digital Market Distortions Need Quick Fixes As Sector Is Growing In India: CCI
The meeting, which will be chaired by the finance minister, would be attended by the chairman of the National Commission for Scheduled Castes (NCSC), the financial services secretary and other senior officials.
The Stand-Up India scheme was launched in 2016 to promote entrepreneurship among SC/ST and women by providing bank loans of Rs 10 lakh to Rs 1 crore to at least one SC/ST borrower and one woman per bank branch for the creation of new companies in the trade, manufacturing and services sector.
In 2019-20, Stand-Up India was extended for the entire period coinciding with the 15th Finance Commission period of 2020-25.
The scheme, which is being implemented through all scheduled commercial banks, is expected to benefit at least 2.5 lakh borrowers. A total of 1,44,223 loans have been sanctioned to women and SC/ST entrepreneurs across the country as on July 22, 2022 under the scheme, according to the latest government data.
According to PMMY, Member Lending Institutions (MLIs) provide unsecured institutional credit of up to ₹10 lakh to micro/small business units, for income generating activities in sectors such as manufacturing, trading, services and also for activities related to agriculture.
Since the inception of PMMY, more than 35.88 crore loans amounting to Rs 19.61 crore have been extended by 1 July 2022. PTI DP ANZ ANU ANU