PM Modi launches ‘Stand up India’, distributes 5,100 e-rickshaws

Over 5,000 e-rickshaws were distributed by Bhartiya Micro Credit (BMC) under the Pradhan Mantri Mudra Yojna scheme at the event.

By: ENS Economic Bureau | Noida | Updated: April 6, 2016 1:47 am
Prime Minister Narendra Modi rides on an e-rickshaw at the launch of Stand Up India in Noida on Tuesday. At the same event, Modi distributed 5,100 e-rickshaws under Pradhan Mantri Mudra Yoajana. (Express Photo: Ravi Kanojia) Prime Minister Narendra Modi rides on an e-rickshaw at the launch of Stand Up India in Noida on Tuesday. At the same event, Modi distributed 5,100 e-rickshaws under Pradhan Mantri Mudra Yoajana. (Express Photo: Ravi Kanojia)

Prime Minister Narendra Modi on Tuesday launched the Stand Up India scheme which facilitates bank loans between Rs 10 lakh and Rs 1 crore to Scheduled Castes (SC), Scheduled Tribes (ST) and women borrowers setting up greenfield enterprises in the non-farm sector.

As part of the launch event in Noida, Modi also distributed 5,100 e-rickshaws under the Pradhan Mantri Mudra Yojana. Mudra scheme refinances loans of up to Rs 10 lakh given by lending institutions to small borrowers for non-farm income-generating activities.

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Customers in Delhi-NCR region can book these e-rickshaws through Ola mobile app and make online payment via Freecharge platform.

Modi booked an e-rickshaw through the app, took a customary ride and made the payment through mobile banking.

These e-rickshaws are being financed by Lucknow-based microfinance company Bhartiya Micro Credit. A portion of such entrepreneurs’ daily income will be used to repay the loan taken for buying e-rickshaws.

E-rickshaws will be provided to those who do not own rickshaws, or take these on rent, Modi said. “Stand Up India scheme is going to transform the lives of people from the Dalit and tribal communities,” he said.

As part of the Stand Up India scheme, the government has asked each bank branch to distribute at least one loan to an SC/ST entrepreneur and one loan to a women entrepreneur. With 1.25 lakh bank branches in the country, the scheme would help 2.5 lakh such entrepreneurs to set up businesses in the country, Modi said. Loan approval letters to 10 such entrepreneurs were given on Tuesday.

Modi also launched the logo for Stand Up India with the tagline ‘Karen prayas, paayen vikas’. Modi had announced the Start up India Stand up India initiative on August 15 last year.

The Union Cabinet had in January announced a refinance window of Rs 10,000 crore that Small Industries Development Bank of India (SIDBI) will provide for the Stand Up India scheme.

Finance minister Arun Jaitley, Union Minister for Culture and Tourism Mahesh Sharma, Uttar Pradesh Governor Ram Naik were also present at the event.

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