Stand Up India Benefitted 55 Thousand MSMEs

More than 55,000 loans have given to entrepreneurs under the Stand Up India Scheme (SUPI), shows latest government data.

The number of loans given by Public Sector, Private and Regional Banks under the Stand-up India Scheme are 51,888, 2,445, and 1,009 respectively up to March 7, 2018 since inception of the Scheme, said an official release.

The total number of loans given under SUPI stands at 55,342.

Regional Rural Banks have sanctioned180 loans to borrowers of Scheduled Castes (SC) category as on 07.03.2018 since inception of the Scheme.

The information was given by Minister of State for Finance Shiv Pratap Shukla in written reply to a question in Rajya Sabha.

Guidelines on SUPI include collateral free loans through credit guarantee scheme, convergence with state and central government schemes wherever feasible, simplified application form, online application through www.standupmitra.in portal, handholding support, designated nodal officer for SUPI, etc.

Banks extends SUPI loan to commercially viable proposals as per Bank’s Board approved policy in this regard.