Women account for more than 81 per cent of the total beneficiaries under the Stand Up India scheme with loans worth Rs 16,712 crore sanctioned for them in nearly four years time, the finance ministry said on March 3.

In the past six years, the ministry has launched various schemes that have special provisions for the empowerment of women.

“These schemes have financially empowered women to lead a better life and chase their dreams of being an entrepreneur,” the ministry said, ahead of the International Women’s Day on March 8.

What is the purpose of Stand Up India?

The Stand Up India scheme was launched on April 5, 2016, 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 Scheduled Commercial Banks for setting up a greenfield enterprise.

“As on February 17, 2020, more than 81 per cent account holders under Stand Up India Scheme are women. 73,155 accounts have been opened for women. Rs 16,712.72 crore has been sanctioned for women account holders and Rs 9,106.13 crore has been disbursed for women account holders,” the ministry said.

The Stand Up India scheme has been extended up to 2025. This was stated by Nirmala Sitharaman while presenting the Union Budget in 2019. “Stand Up India scheme has delivered enormous benefits. The country is witnessing the emergence of thousands of entrepreneurs from women and also from the Scheduled Castes and Scheduled Tribes, most of them assisted to set up their businesses and industry with capital provided under the Stand Up India scheme,” she said.

The minister said that banks will provide financial assistance for demand-based businesses under this scheme, including for acquisition of scavenging machines and robots.

Women’s participation in other schemes

Under the Pradhan Mantri Mudra Yojana (PMMY), 70 per cent of the total loan borrowers are women. PMMY was launched on April 8, 2015 for providing loans up to Rs 10 lakh to non-corporate, non-farm small / micro enterprises. These Mudra loans are given by commercial banks, RRBs, small finance banks, MFIs and NBFCs.  

“As on January 31, 2020, more than 22.53 crore loans have been sanctioned since launch of the scheme. Out of this, more than 15.75 crore loans extended to women, thereby 70 per cent of the total loan borrowers are women,” the ministry added.

The Pradhan Mantri Jan-Dhan Yojana (PMJDY) was launched on August 28, 2014. The scheme envisages universal access to banking facilities with at least one basic banking account for every adult. It has 38.13 crore beneficiaries. “As on February 19, 2020, 20.33 crore beneficiaries out of 38.13 crore PMJDY beneficiaries are women which amounts to 53  per cent,” it said.

In the social sector scheme Atal Pension Yojana (APY), launched on May 9, 2015, more than 93 lakh subscribers (43 per cent) out of a total of around 2.15 crore subscribers are women. The scheme offers guaranteed minimum monthly pension of Rs 1,000-5,000 at the age of 60 years.

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