Question : PM-svaNidhi yojana stands for —
(a) Prime Minister Street Vendor’s AtmaNirbhar Nidhi
(b) Prime Minister Station Vendor’s AtmaNirbhar Nidhi
(c) PrimeMinisterSupermarketVendor’sAtmaNirbharNidhi
(d) None of the above
Answer (a)
Related facts
- Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM-svaNidhi) yojana is a Special Micro-Credit Facility for Street Vendors.
Implementation Agency
- An agreement has been signed between MoHUA andSIDBI,today(19 JUN 2020), in order to engage SIDBI as the Implementation Agency for PM Street Vendor’s AtmaNirbhar Nidhi.
- As per the agreement, SIDBI will implement the PM SVANidhi Scheme under the guidance of MoHUA.
- It will also manage the credit guarantee to the lending institutions through Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).
- It will develop and maintain a customized and integrated IT Platform providing end-to-end solutions, including documentation of all the processes and workflows for an end-to-end solution, through a Portal and a Mobile App.
- It will leverage the network of lending Institutions like Scheduled Commercials Banks (SCBs), Non-Bank Finance Companies (NBFCs), Micro Finance Institutions (MFIs), Co-operative Banks, Small Finance Banks (SFBs), Regional Rural Banks (RRBs), etc. for the Scheme implementation.
- With a view to ensure effective implementation, SIDBI shall also provide a Project Management Unit (PMU), comprising of domain experts in training/ capacity building, project and platform management, Information Education and Communication (IEC), banking, NBFC and MFI sectors etc.
PM SVANidhi
- Launching date – June 01, 2020.
- Working capital – Vendors can avail a working capital loan of up to Rs. 10,000, which is repayable in monthly instalments in the tenure of one year.
- Interest subsidy – On timely/ early repayment of the loan, an interest subsidy @ 7% per annum will be credited to the bank accounts of beneficiaries through DBT on quarterly basis.
- Cash back incentives – The scheme promotes digital transactions through cash back incentives up to an amount of Rs. 100 per month.
- First phase – 108 cities have been selected, in consultation with States/Uts, for saturation by September 2020.
By – Pankaj Pandey