Special loan scheme for street vendors

As of August 3, 2023, a loan amount of Rs 9,152 crore has been disbursed to over 32 lakh street vendors across India through the Pradhan Mantri Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) Scheme.

Street entrepreneurship loan schemes

Pm SVANIDHI scheme to promote entrepreneurship

This scheme was launched in June 2020 to provide collateral-free working capital loans of up to Rs 10,000 to street vendors to help them resume their businesses during the COVID-19 pandemic.

The PM SVANidhi Scheme has been instrumental in helping street vendors to get back on their feet and rebuild their livelihoods. It has also helped to promote entrepreneurship and self-reliance among street vendors. The scheme has been well-received by street vendors, and the government has been extending it on a regular basis.

Under this scheme, a recent study by SBI said that 43 per cent of the beneficiaries are women street vendors. Also, 44 per cent of Prime Minister's Svanidi beneficiaries belong to the OBC category, while Scheduled Castes and Tribes account for 22 per cent.

Public sector banks are the leading lenders. Among public sector banks, State Bank of India (SBI) has disbursed 31 per cent of total loans under the scheme, followed by Bank of Baroda (31%), Union Bank of India (10%) and Punjab National Bank (8%).

According to Prime Minister's Swanithi data, about 5.9 lakh borrowers are in 6 metros and 7.8 lakh borrowers belong to cities with a population of over 1 crore. Ahmedabad has the maximum number of BM Svanidi account holders at 1,37,516. 45 per cent in Varanasi, 31 per cent in Bengaluru, 30 per cent in Chennai and 30 per cent in Prayagraj are among the borrowers and repayers.

In addition to providing financial assistance, the PM SVANidhi Scheme also offers a number of other benefits to street vendors, such as:

Interest subsidy of 7% on timely repayment of loans
Cashback of up to Rs 1,200 per annum on digital transactions
Eligibility for enhanced next tranche of loans
Access to training and capacity-building programs

The PM SVANidhi Scheme is a commendable initiative of the Indian government to support and empower street vendors. It has played a vital role in helping street vendors to overcome the challenges posed by the COVID-19 pandemic and rebuild their businesses.

Comments

At one time, the tax rate in India was 97.50

Many feel that foreign countries tax the rich very heavily and India does not. But did you know that at one time India had to pay 97.50 percent of income tax? Indira Gandhi What is the historical tax rate in India Debates such as distribution of wealth and introduction of inheritance tax have arisen and are currently being discussed in a frenzy. But, in our country, 50 years ago, maximum tax was collected up to 97.50 percent. There was such a period in India. During Indira Gandhi's tenure as Prime Minister, income tax in India was as high as 97.50 percent. However, this collection came to an end shortly after. Indira Gandhi saw taxation as an important mechanism to balance income and wealth. Based on this, in February 1970, he presented the budget in Parliament and addressed it. Social welfare was the theme of the budget. Since the green revolution was taking place, various announcements related to the agriculture sector were included in the budget. A huge sum...

Why stock market investment tips don't work in india

It is said that proper research and analysis are necessary for direct investment in stocks. However, many investors seek tips that point to stocks that can be profitable. Stock market why stock market investment tips don't work properly Although they attract recommendations to buy or sell specific stocks, they can cause problems in practice. Especially now, with the influence of social media, stock recommendations are followed by many people. Let's look at the problems in investing in stocks based on tips. Stock Guidance: It is natural to be interested in knowing stocks that can win among thousands of stocks. But finding them is difficult. That is why many people believe that investment tips will answer this. These tips do not contain investment-related guidance. New Trends: Not only stocks, but also mutual fund schemes are given tips. These are like the technology sector is the future or the pharmaceutical sector is now safe. The basics of this strategy and th...

India will be the global gold price setting body

New Delhi: India is planning to become a gold price setter, the Chamber of Commerce of India said at a gold and gemstone conference. The industry said at the event, Gold price India will emerge as a country that sets gold prices India is a global gold price s etter. Instead, it should become a gold price setter. Domestic mining will help in this. Domestic production will meet 20 percent of the country's gold demand in the next decade. Due to insufficient domestic gold production and the lack of a gold banking system, we have to depend on the London market price. In the next 2-3 years, India will emerge as the world's jewelry hub. Gold and jewelry purchases should be honest and transparent. The Indian Standards Institution plays a key role in determining the quality of gold. Similarly, the OECD and London Bullion Market Association standards can also be adopted or equivalent standards can be developed. Similarly, the ban on the export of 24-carat gold from India h...

22k jewelers

Search This Blog