SVANIDHI MAHOTSAV

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• The Union Minister for Housing and Urban Affairs has inaugurated SVANidhi Mahotsav.
• SVANidhi Mahotsav is a cultural festival to celebrate the success of the PM SVANidhi Scheme.
• On the occasion, the Minister highlighted the importance of Street vendors contribution to the Indian economy,
• He said that Street Vendors are an essential part of India’s economic growth story, and linking them with the formal economy would play an influential role in reducing the cost of living, and also providing goods and services at reasonable rates.

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 the term of one year.
  • An enhanced loan up to ₹20,000 and ₹50,000 in 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 document 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 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.
• As of April 2022, 31.9 lakh loans have been sanctioned and 29.6 lakh loans amounting to Rs. 2,931 crores have been disbursed.

https://www.pib.gov.in/PressReleasePage.aspx?PRID=1839850

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