PM SVANidhi
Why in the news?
- The SBI research report finds that 75 percent of scheme beneficiaries belong to non-general categories, with 44 percent being from Other Backward Classes (OBCs).
- Scheduled Castes and Scheduled Tribes make up 22 percent of the total disbursement under the PM SVANidhi scheme.
- Women account for 43 percent of the total beneficiaries, signifying empowerment of urban females and gender equality.
PM SVANidhi
The Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi (PMSVANidhi) scheme is a flagship initiative by the Government of India aimed at supporting street vendors, a vulnerable section of the urban population. It provides them with financial assistance and empowerment opportunities.
- Its is a Central Sector Scheme.
- Fully funded by the Ministry of Housing and Urban Affairs.
- Financial Support: Street vendors can avail a working capital loan of up to Rs. 10,000, repayable in monthly instalments.
- Eligibility: Street vendors who have been vending before or on March 24, 2020, are eligible for the scheme.
- Digital Technology: The scheme promotes digital transactions, encouraging vendors to accept digital payments for their services.
- Microfinance Institutions, NBFCs , SHGs are eligible for lending under this scheme.
- Collateral-Free: The scheme is collateral-free, making it accessible to a wide range of vendors.
- Rebate for Timely Payments: Regular repayment is incentivized, with a 7% rebate on interest for those who repay on time.
- Eligible States and UTs: The Scheme is available for beneficiaries belonging to only those States/UTs which have notified Rules and Scheme under Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014.
Key Points
- Over 53 lakh street vendors benefited.
- More than 65 percent of borrowers fall within the 26-45 age group.