Q. With reference to “Stand Up India scheme”, consider the following statements:
1. It provides bank loans between Rs 1crore and up to 10 crores.
2. Loans under the scheme are available for only Greenfield projects.
Which of the statements given above is/are correct?
- Statement 1 is incorrect: It provides bank loans between Rs 10 lakh and up to 1 crore. The government does not allocate funds for loans under the Scheme. They are extended by Scheduled Commercial Banks (SCBs).
- Statement 2 is correct: Loans under the scheme are available only for Greenfield projects. Greenfield signifies the first-time venture of the beneficiary in the manufacturing, services, agri-allied activities or the trading sector.