Tatsat Chronicle Magazine

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SUPI creates employment for over 6 lakh people   

More than 1.17 lakh loans of Rs. 26,391 crore sanctioned to SC/ST and woman borrowers under Stand Up India Scheme (SUPI)

Union Minister of State for Finance Dr Bhagwat Kisanrao Karad informed that as of July 31, 2021, more than 1.17 lakh loans amounting to more than Rs. 26,391 crores were sanctioned to SC/ST and woman borrowers under the Stand Up India Scheme (SUPI), which led to the creation of employment for more than 6 lakh people. Under the Stand Up India Scheme the Public Sector Banks have provided loans up to Rs. 23,062 crores to 1,02,247 accounts; the Private Sector Banks have provided loans up to Rs. 2,845 crores to 12,235 accounts; and the Regional Rural Bank have provided loans up to Rs. 483 crores to 2,605 accounts.

The Minister stated that the Scheme has helped nurture entrepreneurship amongst marginalised sections of the population such as Scheduled Castes (SCs), Scheduled Tribes (STs), and women facing significant hurdles due to lack of advice/mentorship as well as inadequate and delayed credit for setting up greenfield enterprises.

Speaking about the evaluation of the scheme, the Minister stated that the Scheme is monitored and its performance is reviewed periodically at various levels such as District Level Consultative Committee (DLCC), State Level Implementation Committee (SLIC), State Level Bankers’ Committee (SLBC), through video conference with banks, etc. As for the impact, the Minister stated that an independent impact assessment study was undertaken during FY 2019-20. Based on findings of the study, consultation with stakeholders and pursuant to an announcement made by the Finance Minister in her Budget Speech for F.Y. 2021-22, the margin money requirement for loans under the Scheme has been reduced from ‘up to 25 percent’ to ‘up to 15 percent’ and activities allied to agriculture have also been included in the Scheme.

 

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