Over 81% account holders under Stand Up India Scheme are Women: Govt

TMB Report

IMPHAL: Ministry of Finance, in the past six years has launched various schemes which have special provisions for empowerment of women. These schemes have financially empowered women to lead a better life and chase their dreams of being an entrepreneur.

According to a press release by Press Information Bureau, Government of India, Stand Up India Scheme was launched on 5 April 2016 to promote entrepreneurship at grass root level for economic empowerment and job creation. This scheme seeks to leverage the institutional credit structure to reach out to the underserved sector of people such as Scheduled Caste, Scheduled Tribe and Women Entrepreneurs so as to enable them to participate in the economic growth of nation.

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 woman borrower per bank branch of SCBs for setting up a Greenfield enterprise, the PIB said.

As on 17.02.2020, more than 81% account holders under Stand Up India Scheme are women, the PIB said adding that 73,155 accounts have been opened for women. Rs. 16712.72 crore has been sanctioned for women account holders and Rs. 9106.13 crore has been disbursed for women account holders, it informed.

One Pradhan Mantri MUDRA Yojana (PMMY), the PIB said the scheme launched on April 8, 2015 provides loans up to 10 lakh to the non-corporate, non-farm small/micro enterprises. These loans are classified as MUDRA loans under PMMY and are given by Commercial Banks, RRBs, Small Finance Banks, MFIs and NBFCs, it stated.

Under the aegis of PMMY, MUDRA has created three products namely ‘Shishu’, ‘Kishore’ and ‘Tarun’ to signify the stage of growth / development and funding needs of the beneficiary micro unit / entrepreneur and also provide a reference point for the next phase of graduation / growth.

The Vision of MUDRA scheme is “To be an integrated financial and support services provider par excellence benchmarked with global best practices and standards for the bottom of the pyramid universe for their comprehensive economic and social development”, the PIB said.

As on 31.01.2020, 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% of the total loan borrowers are Women, the PIB said.

The PIB also informed that under the Pradhan Mantri Jan-Dhan Yojana (PMJDY) and as on February 19, 2020, 20.33 crore beneficiaries out of 38.13 crore beneficiaries are women which amounts to 53 %.

Under the Atal Pension Yojana (APY), more than 93 lakh subscribers (43%) out of a total of around 2.15 crore subscribers under APY are women as of February 22, 2020, the PIB informed further.

The PIB further stated that Old age income security is being increasingly prioritised by women as their enrolment under APY has shown a steady increase from 37% (December 2016) to 43% (February 2020). Despite low labour force participation rates and high gender wage gap, women are in the forefront of saving for old age income security as their participation is higher than men in the States /UTs of Sikkim (73%), Tamil Nadu (56%), Kerala (56%), Andhra Pradesh (55%), Puducherry (54%), Meghalaya (54%), Jharkhand (54%), Bihar (52%).

As for enrollment under PMJJBY, 40.70% are women members and 58.21% of claim beneficiaries are women as on January 31, 2020, according to PIB adding further that 1,91,96,805 females have enrolled out of a total of 4,71,71,568 enrollments. 95,508 claims have been paid to female beneficiaries out of a total of 1,69,216 claims paid.

Under Pradhan Mantri Suraksha Bima Yojana (PMSBY), 41.50% enrollments are of women members and 61.29% of claim beneficiaries are women of January 31, 2020.

6,27,76,282 females have enrolled out of a total of 15,12,54,678 enrollments. 23,894 claims have been paid to female beneficiaries out of a total of 38,988 claims paid, the PIB said.

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