Sign In
Learn bits
Schemes & Policies
Mahesh

04/10/23 07:04 AM IST

50 lakh Street Vendors covered under PM SVANidhi Scheme

In News
  • The Prime Minister Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) scheme,has achieved a momentous milestone by extending its support to more than 50 lakh street vendors across the nation.
PM SVANidhi Scheme
  • The PM Street Vendor's AtmaNirbharNidhi (PM SVANidhi) Scheme, launched on June 1, 2020, is a micro credit scheme for urban street vendors that aims to provide collateral-free working capital loans up to ₹50,000.
  • Under the scheme regular repayments are incentivized with a 7% interest subsidy and digital transactions are rewarded with cashback up to ₹1,200 per year.
  • The scheme employs Aadhaar-based e-KYC, utilizes an end-to-end IT platform, and employs SMS-based notifications for application status updates.
  • All lending institutions, including NBFCs/MFIs and DPAs, have partnered with the aim to alleviate urban poverty in India.
  • The PM SVANidhi scheme empowers street vendors through digital payments.
  • Promoting digital transactions, participating Lending Institutions/Banks, and Digital Payment Aggregators (DPAs) have offered digital onboarding and training.
  • These collaborations have resulted in over 113.2 Crore digital transactions worth ₹1,33,003 Crores, with ₹58.2 Crore in cashback disbursed to beneficiaries.
Significance
  • The PM SVANidhi scheme has been instrumental in bringing them into the formal economic fold, presenting fresh avenues for upward mobility.
  • PM SVANidhi is a pioneering initiative by the Government of India aimed at integrating street vendors into the formal economic system and facilitating access to formal channels of credit.
  • Currently, Madhya Pradesh, Assam, and Gujarat are among the top-performing states, while Ahmedabad, Lucknow, Kanpur, Indore, and Mumbai are the leading cities in the program's implementation
  • The PM SVANidhi scheme empowers street vendors through digital payments. Promoting digital transactions, participating Lending Institutions/Banks, and Digital Payment Aggregators (DPAs) have offered digital onboarding and training.
  • These collaborations have resulted in over 113.2 Crore digital transactions worth ₹1,33,003 Crores, with ₹58.2 Crore in cashback disbursed to beneficiaries.
Source- PIB

More Related Current Affairs View All

15 Nov

Government issues guidelines to curb misleading ads by coaching centres

'The central Government issued new guidelines aimed at curbing misleading advertisements by coaching institutes, specifically prohibiting false promises such as "100 per cent selec

Read More

15 Nov

Janjatiya Gaurav Divas

'Every year on November 15th, Janjatiya Gaurav Divas is celebrated to honor the contributions of these communities, especially in India’s freedom struggle.' 5th November

Read More

15 Nov

Supreme Court’s order on mandatory accessibility standards

'A bench of the Supreme Court last week ordered the Union government to frame mandatory rules for ensuring the accessibility of public places and services to persons with disabilit

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps