The government has approved over Rs 25,586 crore to over 1,14,322 accounts under the Stand-Up India Scheme in the last five years.
India is rapidly expanding. Expectations, hopes, and aspirations are all on the rise. A large number of potential entrepreneurs, especially women and Scheduled Castes (SC) and Scheduled Tribes (ST), want to start their own business so that they can develop and prosper. Such entrepreneurs can be found all over the world, full of ideas about what they can do for themselves and their families.
Aspiring SC, ST, and female entrepreneurs are energised and excited, but they may face obstacles in making their dreams a reality. Recognizing these issues, the Stand up India Scheme was launched on April 5, 2016, with the aim of promoting entrepreneurship at the grassroots level with an emphasis on economic empowerment and job development. This programme has been extended to 2025.
Let us take a look at the features and successes of the Stand Up India Scheme as we commemorate its fifth anniversary.
Stand-Up India’s aim is to encourage entrepreneurship among women from Scheduled Castes (SC) and Scheduled Tribes (ST) communities by assisting them in starting a greenfield business in the trading, manufacturing, and service sectors, with both ready and trainee borrowers.
The Citizens Co-operative Bank Ltd., Rajkot, has been fined by the Reserve Bank of India (Gujarat)
The Reserve Bank of India (RBI) has placed a monetary penalty of Rs. 1.00 lakh (Rupees one lakh only) on The Citizens Co-operative Bank Ltd., Rajkot (Gujarat) (the bank) for breaching RBI’s instructions on “Loans and advances to directors, families, and firms/concerns in which they are involved” in an order dated March 26, 2021. This penalty was levied in the exercise of RBI’s powers under Section 47 A (1) (c) of the Banking Regulation Act, 1949, read with Section 46 (4) I and Section 56 of the Banking Regulation Act, 1949, in light of the bank’s failure to meet RBI’s instructions.
This action is focused on regulatory enforcement issues and is not meant to be a judgement on the merits of any transaction or arrangement between the bank and its customers.