PM SVANidhi Scheme

Government of India announced that Uttar Pradesh secured the top rank PM SVANidhi Scheme for approving the highest number of loans so far.

• Government of India announced that Uttar Pradesh secured the top rank PM SVANidhi Scheme for approving the highest number of loans so far.
• The categories include sanction, applications, disbursements of loans. Under the scheme more than 6,22,167 application were received. Out of this, 3,46,150 were given.
• More than seven cities from the state have found their top place in the list. They are Lucknow, Varanasi, Aligarh, Allahabad, Ghaziabad, Gorakhpur and Kanpur.
• PM SVANidhi Scheme: Launched by Prime Minister Narendra Modi in September 2020 to help the street vendors.
• Under the scheme Street vendors are provided with the capital loan of 10,000 Rupees at subsidized interest rates. It includes Street vendors in rural and urban areas.
• The banks that provide the credit to the vendor under the scheme are scheduled commercial banks, small finance banks, regional rural banks,e-, self help group banks, microfinance institutions, non banking financial companies, Cooperative Bank.
• The scheme will benefit 50 lacs Street vendors.
• Scheme allows digital transactions. The vendors can avail the escalation of credit limit facility through timely repayment of loan. Also, on timely repayment of loan and interest, subsidy is being credited.
• Implemented by the Small Industries Development Bank of India, SIDBI.
• The Government of India has joined hands with swiggy to door deliver food from the street vendors. This is being implemented by the Ministry of housing and urban affairs in five major cities such as Ahmedabad, Delhi, Chennai, Varanasi and Indore.
• Recently, the State Bank of India portal was integrated with PM SVANidhi Portal under Application Programming Interface.