More than 81% account holders are Women under Stand up India Scheme-MUDRA: 68% of loan accounts belong to women entrepreneurs-PMJDY: 23.21 crore accounts out of 41.93 crore accounts belong to women: Ministry of Finance has launched, over the last seven years, various schemes with special provisions for empowering women. These schemes have financially empowered women to lead a better life and pursue their dreams of being an entrepreneur. Today, 8 March 2021, as we celebrate International Women’s Day, we are looking at the various schemes initiated by the Ministry of Finance that have benefited women in India.
Stand-Up India Scheme: Stand-Up India Scheme-Stand-Up India Scheme was launched on 5 April 2016 to promote grass-roots entrepreneurship for economic empowerment and job creation. This scheme seeks to leverage the institutional credit structure to reach out to underserved sectors of the population, such as Scheduled Caste, Scheduled Tribe and Women Entrepreneurs, in order to enable them to participate in the economic growth of the nation.
Objective: The objective of this scheme is to facilitate bank loans between Rs.10 lakh and Rs.1 crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and at least one female borrower per bank branch of SCBs to set up a Greenfield business. As at 26.02.2021, more than 81 per cent, i.e. 91,109 accounts with a value of Rs. 20,749 crore were sanctioned by women entrepreneurs under the Stand Up India Scheme.
Pradhan Mantri MUDRA Yojana (PMMY): PMMY was launched on 8 April 2015 to provide loans of up to 10 lakh to non-corporate, non-farm small/micro enterprises. The loans are classified as MUDRA loans under PMMY. These loans are granted by Commercial Banks, RRBs, Small Finance Banks, MFIs and NBFCs. As at 26.02.2021, about 68 per cent, i.e. 19.04 crore accounts with an amount of Rs. 6.36 lakh crore, have been sanctioned by women entrepreneurs under the MUDRA scheme since its inception.
PMJDY was launched on 28 August 2014. It provides universal access to banking facilities with at least one basic banking account for every household, financial literacy, access to credit, insurance and pension. As at 24.02.2021, 23.21 croreaccounts out of a total of 41.93 croreaccounts opened under the scheme are held by women account holders.