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‘Swavalamban Challenge Fund’

Published on August 10, 2021
Current Context: The Small Industries Development Bank of India (SIDBI) in partnership with Foreign, Commonwealth & Development Office, UK launched 'Swavalamban Challenge Fund (SCF)'.
‘Swavalamban Challenge Fund’
  • The SCF is a challenge fund that will provide funds based on competition.
  • The funds will be provided based on the competition among organisations.
  • The SCF will help to promote entrepreneurship in India and it will be a major support for the ideas and innovations which are lagging due to the lack of funds. Hence financial support will be offered to such innovative ideas to come into the market.
  • The applications for the SCF are invited in two categories of ‘pilot and scale-up’.
  • In the pilot category, applicants can apply with their proposal to pilot/test/trial their innovative ideas. In the scale-up category, already ongoing or completed projects can be applied to avail SCF.
  • Depending on the number of proposals selected under various themes, the funds will be allotted. For the pilot category, funds upto Rs 20 lakhs will be provided and for the scale-up category, funds upto Rs 35 lakhs will be provided.
  • Under the SCF, the finance will be provided to non-profit organisations, educational institutions, social start-ups based on sustainable livelihood, financial inclusion.
  • The SCF is based on themes like livelihood, women empowerment, financial literacy, responsible business etc.
  • Static Part: 
    • HQ of SIDBI: Lucknow, UP

Question: 

Q.1 In partnership with Foreign, Commonwealth & Development Office, UK, which organisation launched 'Swavalamban Challenge Fund (SCF)'?
a. NITI Aayog
b. NASSCOM
c. SIDBI
d. NABARD
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