PM Svanidhi – UPSC Prelims

Ministry : Ministry of Housing and Urban Affairs
Aims to provide micro-credit facilities to street vendors affected due to COVID-19 pandemic.
  • PM SVANidhi stands for Prime Minister Street Vendor’s AtmaNirbhar Nidhi.
  • Target Beneficiaries:
    • Street Vendors or hawkers in urban areas
    • Street Vendors of peri-urban areas
    • Street Vendors of Rural areas (Those who were street vendors as on/before 24th March 2020)
  • It is a central sector scheme
  • It will provide affordable working capital loans to street vendors who are left affected by the novel coronavirus pandemic.
  • It will be implemented till March 2022.
  • Vendors will be provided with an initial working capital of up to Rs. 10000
  • A vendor will get an interest subsidy at 7 per cent at early or timely repayment of loans.
  • There is a provision of monthly cash-back incentive on digital payments.
    • Monthly cashback in the range of Rs. 50-100.
  • A vendor has the high probability to be eligible for a higher loan if he/she repays the first loan on time.
  • A vendor does not have to provide any collateral security to access the loan.
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