Pradhan Mantri SVANidhi Scheme
| Pradhan Mantri SVANidhi Scheme | |
|---|---|
| Country | India |
| Prime Minister(s) | Narendra Modi |
| Launched | 1 June 2020 |
| Website | pmsvanidhi |
The Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) is a micro-credit scheme launched by the Government of India on June 1, 2020, under the Ministry of Housing and Urban Affairs (MoHUA). It aims to empower and support street vendors who were adversely affected by the COVID-19 pandemic, by providing them access to affordable working capital loans to help them revive their livelihoods.[1]
Benefits
[edit]The primary objectives of the PM SVANidhi Scheme include:[2]
- Financial Assistance: Providing working capital loans of up to ₹10,000 for an initial tenure of 12 months.
- Interest Subsidy: Offering a 7% annual interest subsidy on timely or early repayment of the loan.
- Digital Inclusion: Encouraging digital transactions among street vendors by providing cash-back incentives for using digital payment methods.
- Capacity Building: Promoting financial literacy and digital literacy among street vendors.
Eligibility
[edit]The following individuals are eligible for the PM SVANidhi Scheme:[3]
- Street Vendors: Any street vendor engaged in vending prior to March 24, 2020, as identified in the survey conducted by Urban Local Bodies (ULBs).
- Identification Requirement: Possession of a Certificate of Vending or a Letter of Recommendation from the ULB or Town Vending Committee.
- Coverage: The scheme is applicable to street vendors in both urban and peri-urban areas across India.
Features
[edit]- Loan Tenure and Amount:
- The initial loan provided under the scheme is ₹10,000 for a 1-year period.
- Upon successful repayment, vendors are eligible for an enhanced loan of up to ₹20,000 and subsequently ₹50,000 in the third cycle.
- Interest Subsidy:
- A 7% annual subsidy is credited directly into the beneficiary’s bank account.
- The subsidy is available only for timely repayment of the loan.[4]
- Digital Transactions:
- Vendors can earn cash-backs of ₹50 to ₹100 per month for conducting digital transactions using prescribed platforms such as BHIM UPI, Paytm, Google Pay, etc.
- Implementation:
- The scheme is implemented through a combination of ULBs, lending institutions, and digital payment aggregators.
- A dedicated PM SVANidhi Portal facilitates registration, application, and monitoring[2]
See also
[edit]- Ministry of Housing and Urban Affairs
- Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014
References
[edit]- ^ "PM Svanidhi Scheme: क्या है पीएम स्वनिधि योजना, जिसमें सरकार बिना गारंटी देती है 50 हजार तक का लोन - PM Svanidhi Scheme how to take rs 50000 loan without any guarantee How to apply step by step process know more details". Jagran (in Hindi). Retrieved 2024-12-03.
- ^ a b "PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi)". myScheme - One-stop search and discovery platform of the Government schemes. Retrieved 2024-12-03.
- ^ "PM SVANidhi scheme: Madhya Pradesh is 'Best Performing State'". The Economic Times. 2024-07-18. ISSN 0013-0389. Retrieved 2024-12-03.
- ^ "In a first, BMC to provide financial assistance to beneficiaries of PM SVANidhi, Mudra schemes". The Indian Express. 2024-02-13. Retrieved 2024-12-03.
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