FM Sitharaman to meet with CEOs of PSBs to review program progress for SCs in September

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Union Finance Minister Nirmala Sitharaman is set to meet with heads of public sector banks and financial institutions by the end of September to review the progress of various government programs aimed at the well- being and elevation of scheduled castes.

According to the details, schemes such as Stand-Up India, Pradhan Mantri Mudra Yojana (PMMY) and Credit Enhancement Guarantee Scheme for Scheduled Castes (SCs) and their progress would be discussed.

Apart from this, during the meeting, the Minister of Finance would review the performance of Public Sector Banks (PSBs) and financial institutions in providing credit to people belonging to the SC community and other welfare measures in implementation course.

The meeting would see the participation of the chairman of the National Scheduled Castes Commission (NCSC), the secretary of financial services and other senior officials.

READ ALSO : 1991 reforms were incomplete, says Nirmala Sitharaman

Launched in 2016 to promote entrepreneurship among Scheduled Castes/Tribes and women, the Stand-Up India program helps facilitate bank loans from 10,000,000 1 crore to at least one SC/ST borrower and one female borrower per bank branch for new business start-ups in trade, manufacturing and service sectors.

Stand-Up India has been extended for the entire period coinciding with the period of the 15th Finance Commission of 2020-25 in the financial year 2019-20.

The government aimed to benefit at least 2.5 lakh borrowers. As of July 22, 2022, a total of 1,44,223 loans have been issued to women and SC/ST entrepreneurs across the country under this program, according to government data.

Under PMMY, unsecured institutional credit up to 10 lakh is provided by member credit institutions (MLIs) to micro/small enterprises, for income generating activities in sectors such as manufacturing, trade, services and also for agriculture-related activities.

Since PMMY’s inception, more than 35.88 million loans amounting to 19.61 lakh crore has been extended to July 1, 2022.

With PTI inputs.

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