PM SVANIDHI SCHEME

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In News

• The Minister of State for Housing and Urban Affairs informed the Lok Sabha that the Government has extended the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme beyond March 2022 with the following provisions:
  • Extension of lending period till December 2024.
  • Introduced the provision of the 3rd loan of up to ₹50,000 in addition to 1st and 2nd loans of ₹10,000 and ₹20,000 respectively.
  • Extend the ‘SVANidhi Se Samriddhi’ component for all beneficiaries of the PM SVANidhi scheme across the country;

 

About PM SVANidhi

• The Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) was launched by the Ministry of Housing and Urban Affairs in June 2020.
• The main objective of the scheme is to provide affordable Working Capital loans to street vendors to restart their livelihoods that have been adversely affected due to the Covid-19 lockdown.
• Vendors can get collateral-free working capital loans up to ₹10,000, which are repayable in monthly instalments in term of one year.
  • An enhanced loan of up to ₹20,000 and ₹50,000 on the second and third times respectively, on repayment of earlier loans.
• On timely/ early repayment of the loan, an interest subsidy at the rate of 7% per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer quarterly.
• There will be no penalty for early repayment of the loan.
• The scheme promotes digital transactions through cashback incentives up to an amount of Rs. 100 per month.
• The vendors can avail of the facility of escalation of the credit limit on timely/ early repayment of loans.
• According to the scheme guidelines, a vendor is any person engaged in vending articles, goods, wares, food items or merchandise of daily use or offering services to the public in a street, footpath, pavement etc., 
• To avail of the loan, a vendor should: Possess a Certificate of Vending / Identity Card issued by Urban Local Bodies (ULBs). 
• KYC documents needed: Aadhar Card / Voter’s Identity Card / Driving License / MGNREGA Card / PAN Card.  
• PM SVANidhi beneficiaries and their families are also eligible for other welfare schemes;
  • Pradhan Mantri Jeevan Jyoti Bima Yojana.
  • PM Suraksha Bima Yojana.
  • Pradhan Mantri Jan Dhan Yojana.
  • Registration under the Building and Other Constructions Workers (Regulation of Employment and Conditions of Service) Act (BOCW).
  • Pradhan Mantri Shram Yogi Maandhan Yojana.
  • National Food Security Act (NFSA) portability benefit – One Nation One Ration Card (ONORC).
  • Janani Suraksha Yojana.
  • Pradhan Mantri Matru Vandana Yojana (PMMVY).
• Quality Council of India (QCI) is the implementing partner for the programme.

SVANidhi Se Samriddhi

• ‘SVANidhi se Samriddhi’, is an additional program of PM SVANidhi, which was launched in 2021 under the Ministry of Housing and Urban Affairs.
• During Phase 1 of the program, it covered 125 cities, covering approximately 35 Lakh Street vendors and their families.
• Phase 2 of the program planning to cover additional 126 cities to support 28 Lakh Street vendors and their families.
• The ‘SVANidhi se Samriddhi’ program was started to provide social security benefits to street vendors for their holistic development and socio-economic upliftment.
• PMSVANidhi beneficiaries and their families are also eligible for other welfare schemes;
  • Pradhan Mantri Jeevan Jyoti Bima Yojana.
  • PM Suraksha Bima Yojana.
  • Pradhan Mantri Jan Dhan Yojana.
  • Registration under the Building and Other Constructions Workers (Regulation of Employment and Conditions of Service) Act (BOCW).
  • Pradhan Mantri Shram Yogi Maandhan Yojana.
  • National Food Security Act (NFSA) portability benefit – One Nation One Ration Card (ONORC).
  • Janani Suraksha Yojana.
  • Pradhan Mantri Matru Vandana Yojana (PMMVY).
• Quality Council of India (QCI) is the implementing partner for the programme.

Present Status

• Nearly 31.73 lakh Street Vendors have benefited from the 1st loan of ₹ 10,000 as on November 30, 2022.
  • Out of this almost 5.81 lakh have benefited from the second loan of ₹ 20,000.
  • Out of those who availed of the 2nd loan, 6,926 street vendors have availed the benefit of the third loan of ₹50,000.
• Recently, the government has set a target to provide benefits to 42 lakh street vendors under PM SVANidhi Scheme by December 2024.

 

https://pib.gov.in/PressReleasePage.aspx?PRID=1881759

 

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