Consider the following statements on Stand Up India Scheme and identify the correct statements 1 mar...........

Economic and social issues (RBI) Poverty and employment

Consider the following statements on Stand-Up India Scheme, and identify the correct statements: (1 mark)

Statements:

1. It facilitates bank loans between Rs 10 lakh and Rs 1 crore to at least 1 SC or ST borrower and at least one woman borrower per bank branch.

2. The loan shall be repayable in up to 7 years with a moratorium period of up to 36- months.

3. The rate of interest applicable on the loan would be the lowest applicable rate of bank for that category not exceeding MCLR+ 4%+ tenor premium.

This questions was previously asked in

RBI Grade B Phase 2 Exam (2022)

View All RBIB Previous Year Papers

Only 1

Both 1 & 3

Only 3

All 1, 2 & 3

Both 2 & 3

छोटे Courses बड़े Results

Master Poverty and employment

Prepare through Micro-courses

Try Now

Explanation:

Here’s a breakdown of the statements about Stand-Up India Scheme:

- Statement 1: Correct. The scheme facilitates loans from Rs. 10 lakh to Rs. 1 crore to at least 1 SC/ST borrower and 1 woman borrower per bank branch.

- Statement 2: Correct. The loan is repayable up to 7 years, with a maximum moratorium period of 18 months (not 36 months). Hence, this statement is partially incorrect because the moratorium is up to 18 months, not 36.

- Statement 3: Correct. The rate of interest should not exceed the lowest applicable rate for that category, capped at MCLR + 4% + tenor premium.

Options analysis:

- Option 1: Only 1 – Not fully correct (as statement 3 is also correct).

- Option 2: Both 1 & 3 – Correct option since both are factually right.

- Option 3: Only 3 – Incorrect.

- Option 4: All 1, 2 & 3 – Incorrect (since statement 2 has the wrong moratorium duration).

- Option 5: Both 2 & 3 – Incorrect (since statement 2 is partially wrong).

Correct Answer: Option 2, Both 1 & 3