The PM Svanidhi Scheme was started by the Indian government to help street vendors during the COVID-19 pandemic.
This scheme, also known as the Prime Minister Street Vendors Self-reliant Fund (PM Swanidhi), aims to provide loans without needing
any guarantee to street vendors whose businesses were affected by the pandemic. Let’s look at some key points of the plan:
Loan Amounts
1) Vendors can get a loan of up to Rs 10,000 without any guarantee for one year.
2) If the first loan is repaid on time, a second loan of Rs 20,000 and a third loan of Rs 50,000 can be availed.
3) An interest subsidy of 7 percent per year, up to Rs 400, is provided.
4) Customers can receive cashback up to Rs 1200 annually through digital transactions, ranging from Rs 1 to Rs 100 per month.
State Responsibilities
1) States/ULBs (Urban Local Bodies) are responsible for identifying eligible street vendors and collecting new applications under the scheme.
2) The Ministry is taking steps to increase beneficiaries, such as regular meetings, radio jingles, TV ads, and newspaper campaigns.
Awareness Initiatives
1) Regular communication materials in local languages are provided to States/UTs to spread awareness and explain the benefits.
2) For more details on the scheme, visit https://pmsvanidhi.mohua.gov.in.
