‘SVANidhi se Samriddh’ Program

‘SVANidhi se Samriddh’ Program

Recently the program ‘Svanidhi se Samriddh’ has been expanded to an additional 126 cities.

Svanidhi Se Samridhi program has been started for street vendors. This program provides social security benefits for their overall development and socio-economic upliftment.

  • ‘Svanidhi Se Samridhi’ is an additional scheme of SVANidhi (Prime Minister Street Vendors Self-Reliant Fund). It was launched on January 2021 in 125 cities (Phase-I). Around 35 lakh street vendors and their families were covered in this phase.
  • Considering the success of Phase-I, the Ministry of Housing and Urban Affairs (MoHUA) initiated the expansion of the scheme. Under this, a target of 20 lakh plan approvals has been set in the financial year 2022-23. Also, a target has been set to cover 28 lakh street vendors and their families.
  • The Quality Council of India is the implementing partner of this programme.

Benefits of SVANidhi se Samriddhi Scheme

  • Under the scheme, vendors can get up to Rs 10,000 as working capital loan. This amount can be repaid in monthly installments over a period of one year.
  • Interest subsidy is provided at the rate of 7% per annum on regular repayment of loan.
  • There are no charges for early repayment of loan.
  • An amount of up to Rs 100 per month is given as a cashback incentive to promote digital transactions.
  • In case the vendors repay the loan on time or ahead of time, they can avail the facility of availing loan over and above the stipulated amount.

PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi)

  • PM SVANidhi is a central sector scheme, launched in June 2020. Its objective is to provide an affordable working capital loan to street vendors.
  • Small Industries Development Bank of India (SIDBI) is the implementing agency of this scheme.

Source – The Hindu

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