New Delhi, Mar 28: Prime Minister Narendra Modi will on April 5 inaugurate Stand Up India initiative which is aimed at creating jobs and promoting entreprenuers among SC, ST and women by extending loans at cheaper rates. The programme will be launched by Modi at a function to be held at Noida.
The Cabinet, headed by Modi, had in January approved 'Stand up India' scheme for providing credit to SC, ST and women entrepreneurs at lower rates.
Under the scheme, which will be implemented through 1.25 lakh bank branches, banks will give loans at the "least applicable rate" of interest.
Also every bank branch, including private sector, will give loans between Rs 10 lakh and 1 crore to at least one SC/ST and one woman entrepreneur under the scheme.