Of the total beneficiaries, 80 per cent are women.

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"It is a matter of pride and satisfaction for me to note that more than 1.8 lakh women and SC and ST entrepreneurs have been sanctioned loans for more than Rs. 40,600 crore," Sitharaman said on the 7th anniversary of the scheme.

Stand Up India Scheme was launched on April 5, 2016 to promote entrepreneurship at the grassroots level focusing on economic empowerment and job creation. The scheme is up to the year 2025.

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It facilitates bank loans between Rs10 lakh and Rs100 lakh to at least one Scheduled Caste/ Scheduled Tribe borrower and at least one woman borrower per bank branch of Scheduled Commercial Banks. Loans under the scheme are available for only green field projects, meaning first-time venture of the beneficiary.

"The scheme has created an eco-system which facilitates and continues to provide a supportive environment for setting up green field enterprises through access to loans from bank branches of all Scheduled Commercial Banks. Stand-Up India Scheme has proved to be an important milestone in promoting entrepreneurship among SC, ST and women," Sitharaman said.

The finance minister also said that the scheme has provided wings to aspiring entrepreneurs to showcase their entrepreneurial skills.

Union MoState Bhagwat Kisanrao Karad said the Stand-Up India scheme was based on the third pillar of the National Mission for Financial Inclusion namely "Funding the unfunded".

"The scheme has ensured the availability of seamless credit flow from branches of Schedule Commercial Banks to SC/ST and women entrepreneurs. The scheme has been instrumental in improving the standards of living for entrepreneurs, their employees and their families," Karad added.

"It is also a matter of immense pleasure for me that more than 80 per cent of loans given under this scheme have been provided to women," Karad further said. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)