The Full Form of ‘SEPUP’ in Banking is ‘Self-Employment Programme For Urban Poor’.
Full Form of SEPUP
The Self-Employment Programme for Urban Poor (SEPUP) is a government initiative in India aimed at providing access to self-employment opportunities and financial inclusion for the urban poor. This programme was launched in April 2007 with the aim of providing livelihood support to the urban poor, which includes those living below the poverty line (BPL), women, and small and marginal farmers.
SEPUP is designed to meet the needs of economically disadvantaged individuals by helping them start their own businesses or become self-employed. The main objectives of SEPUP are to provide access to credit and other financial services, promote self-employment, create employment opportunities, and reduce poverty among the urban poor. It also aims to improve living conditions in urban areas by encouraging people to become financially independent.
To achieve these objectives, SEPUP provides various services such as microfinance loans, market linkages, skill development training, business counselling services, and other support services such as counselling and awareness programs on financial literacy. Through its microloan program SEPUP helps individuals who lack access to traditional banking facilities start their own businesses or become self-employed. The loan amounts range from Rs 10,000 – Rs 2 lakhs with 0% interest rate per annum. These loans are provided through partnering banks or microfinance institutions (MFIs).
The market linkage program provides assistance in promoting products produced by individuals under this scheme by linking them with potential buyers in markets that have higher demand for such products. The skill development training component ensures that individuals are equipped with necessary skills for starting their own businesses or becoming self-employed. This component also provides technical assistance for setting up businesses such as marketing strategies and product diversification plans.
SEPUP also provides business counselling services where experts guide beneficiaries on various aspects of business such as setting up a business plan and managing finances effectively. SEPUP also organizes campaigns and workshops on financial literacy so that beneficiaries understand the importance of savings and investments better. Furthermore it encourages entrepreneurs to form associations so they can avail benefits like group insurance packages which would otherwise be unaffordable for them individually.
In conclusion it can be said that SEPUP has been instrumental in providing an opportunity for the urban poor population in India to become financially independent through its various initiatives like microfinance loans, market linkages, skill development training ,business counselling services etc .It has helped bridge the gap between those who have access to banking facilitiesand those who do not thus enabling economic inclusion among all sections of society .
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