Question : Which bank has recently(August 2021) launched Swavalamban Challenge Fund to promote entrepreneurship ?
a. SIDBI
b. IDBI
c. NHB
d. EXIM Bank
Ans. a.
Related facts —
- SIDBI has recently(August 2021) launched Swavalamban Challenge Fund(SCF) to promote entrepreneurship.
- For this purpose it has partnered with Foreign, Commonwealth & Development Office(FCDO), UK.
- A challenge fund is a fund support mechanism to allocate funds for specific purposes using competition among organisations. Suppose there is an idea which needs to be piloted or scaled up, but funds are an issue, challenge fund provides solution platform to present the idea in prescribed theme, implement and validate it.
- Later the same can be scaled up by leveraging other donor / financial support.
- SCF shall provide financial support to non-profit organisations/educational institutions/social startups which have focus on sustainable livelihood, financial inclusion, and access to financial services besides promoting the culture of entrepreneurship in the country.
- On select six themes of livelihood, women empowerment, financial literacy, responsible business etc. eligible entities can submit their proposal for award.
- Under this fund, applications are invited in two categories namely, ‘Pilot Category’ and ‘Scale-up Category”.
- The total outlay of fund will depend on number of proposals selected in various themes and categorywise amount allocated is up to Rs. 20 lakh for the ‘Pilot Category’ and up to Rs. 35 lakh for the ‘Scaleup Category’.
- To operationalize the fund, the project period shall be more than 6 months and up to 2 years.
Link:
https://sidbi.in/files/pressrelease/Press-Release-SIDBI-launches-Swavalamban-Challenge-Fund.pdf