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SVANidhi Se Samriddhi’ Program

SVANidhi Se Samriddhi’ Program:

The Ministry of Housing and Urban Affairs (MoHUA) has launched ‘SVANidhi se Samriddhi’ program in additional 126 cities across 14 States/ UTs.

  • Quality Council of India (QCI) is the implementing partner for the program.
  • SVANidhi se Samriddhi is an additional program of PMSVANidhi, launched on 4th January 2021 in 125 cities to map the socio economic profile of the PM SVANidhi beneficiaries and their families.
  • It assesses beneficiaries’ potential eligibility for various Central welfare schemes (8) and facilitates the linkages to these schemes.
  • These schemes include Pradhan Mantri Jeevan Jyoti Bima Yojana, PM Suraksha Bima Yojana, Pradhan Mantri Jan Dhan Yojana, Pradhan Mantri Shram Yogi Maandhan Yojana, Registration under Building and other Constructions Workers (Regulation of Employment and Conditions of Service) Act (BOCW), National Food Security Act (NFSA) portability benefit – One Nation One Ration Card (ONORC), Janani Suraksha Yojana, and Pradhan Mantri Matru Vandana Yojana (PMMVY).
  • In Phase 1, it covered approximately 35 Lakh Street vendors and their families.
  • Phase 2 aims to cover 28 Lakh Street vendors and their families, with a total target of 20 Lakh scheme sanctions for FY 2022-23. The remaining cities would be gradually added to the program.

PM SVANidhi Scheme:

  • Prime Minister Street Vendors AtmaNirbhar Nidhi (PM SVANidhi) was announced as a part of the Economic Stimulus-II under the Atmanirbhar Bharat Abhiyan.
  • It has been implemented since 1st June 2020, for providing affordable working capital loans to street vendors to resume their livelihoods that have been adversely affected due to Covid-19 lockdowns, with a sanctioned budget of Rs. 700 crore.
  • Aims:
    • To benefit over 50 lakh street vendors who had been vending on or before 24th March 2020, in urban areas including those from surrounding peri-urban/rural areas.
    • To promote digital transactions through cash-back incentives up to an amount of Rs. 1,200 per annum.
  • The vendors can avail 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 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 on early repayment of the loan.
  • The vendors can avail the facility of the enhanced credit limit on timely/early repayment of the loan.