Part of: GS Prelims and Mains II – Welfare Schemes; Govt schemes and initiatives
In news:
Union Housing and Urban Affairs Ministry launched the portal for a loan scheme for street vendors.
Name of the loan scheme for street vendors – Pradhan Mantri Street Vendors’ AtmaNirbhar Nidhi (PM SVANidhi) scheme.
The portal — pmsvanidhi.mohua.gov.in — provides an “integrated end-to-end IT interface to users for availing benefits under the scheme.
About PM SVANidhi scheme
Ministry of Housing and Urban Affairs launched the scheme on June 1st.
The vendors can avail a working capital loan of up to Rs. 10,000.
It will be repayable in monthly instalments in the tenure of one year.
On timely/early repayment of the loan, an interest subsidy at 7% per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer on six monthly basis.
There will be no penalty on early repayment of loan.
Over 50 lakh people, including vendors, hawkers, thelewalas, etc. are likely to benefit from this scheme.
Street vendors from peri- urban/ rural areas have become beneficiaries of an urban livelihood programme for the first time.
MFIs/ NBFCs/ SHG Banks have been allowed in a scheme for the urban poor due to their ground level presence for the first time.
