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SVANidhi se Samriddhi’ Program

  • Posted By
    10Pointer
  • Categories
    Polity & Governance
  • Published
    14th Apr, 2022

Context

The Union Government has launched the ‘SVANidhi se Samriddhi’ program in additional 126 cities across 14 States/ UTs. 

About the Program

  • ‘SVANidhi se Samriddhi’, is an additional program of PMSVANidhi, which was launched in 2021 under the Ministry of Housing and Urban Affairs. 
  • During Phase 1 of the program, it covered 125 cities, covering approximately 35 Lakh Street vendors and their families. 
  • Phase 2 of the program plans to cover additional 126 cities with an aim to support 28 Lakh Street vendors and their families.
  • ‘SVANidhi se Samriddhi’ program was started to provide social security benefits to street vendors for their holistic development and socio-economic upliftment.
  • Under the program, socio-economic profiling of PMSVANidhi beneficiaries and their families is conducted to assess their eligibility for 8 Government of India’s welfare schemes and facilitate sanctions of eligible schemes.These are-
    • Pradhan Mantri Jeevan Jyoti Bima Yojana.
    • PM Suraksha Bima Yojana.
    • Pradhan Mantri Jan Dhan Yojana.
    • Registration under Building and Other Constructions Workers (Regulation of Employment and Conditions of Service) Act (BOCW).
    • Pradhan Mantri Shram Yogi Maandhan Yojana.
    • National Food Security Act (NFSA) portability benefit – One Nation One Ration Card (ONORC).
    • Janani Suraksha Yojana.
    • Pradhan Mantri Matru Vandana Yojana (PMMVY).
  • Quality Council of India (QCI) is the implementing partner for the programme.
  • The program has two-fold achievements: 
    • One, a central database of Street vendors and their families is created on various socio-economic indicators. 
    • Second, a first of its kind inter-ministerial convergence platform is established between various Central Ministries to extend the safety net of welfare schemes to street vendor households.

About PM SVANidhi

  • The Prime Minister Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi) was launched by the Ministry of Housing and Urban Affairs in June 2020.
  • The main objective of the scheme is to provide affordable Working Capital loans to street vendors to restart their livelihoods that have been adversely affected due to the Covid-19 lockdown.
  • Vendors can avail of a working capital loan of up to Rs. 10,000, which is repayable in monthly installments in the tenure of one year.
  • On timely/ early repayment of the loan, an interest subsidy at the rate of 7% per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer on a quarterly basis.
  • There will be no penalty for early repayment of the loan.
  • The scheme promotes digital transactions through cash back incentives up to an amount of Rs. 100 per month.
  • The vendors can avail of the facility of escalation of the credit limit on timely/ early repayment of loans.
  • According to the scheme guidelines, a vendor is any person engaged in vending articles, goods, wares, food items or merchandise of daily use or offering services to the public in a street, footpath, pavement etc., 
  • To avail of the loan, a vendor should: Possess a Certificate of Vending / Identity Card issued by Urban Local Bodies (ULBs). 
  • KYC document needed: Aadhar Card / Voter’s Identity Card / Driving Licence / MNREGA Card / PAN Card.  

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