In a surprising move, Rajasthan Chief Minister Bhajanlal Sharma visited a hair salon in Bikaner to meet a beneficiary of the PM SVANidhi scheme on Monday (March 4). A video of the CM Sharma visiting the salon has also surfaced. The PM SVANidhi scheme, an initiative launched by the Government of India, aims to support street vendors and promote inclusive entrepreneurship. It has emerged as a gender equalizer, facilitating economic empowerment across diverse communities.
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About PM-SVANidhi scheme
PM Street Vendor's Atmanirbhar Nidhi (PM-SVANidhi) was introduced by the Ministry of Housing and Urban Affairs during the Covid-19 pandemic on June 1, 2020. The scheme offers collateral-free loans of up to Rs 50,000 in incremental tranches to eligible street vendors, thus providing crucial financial assistance during challenging times.
It also provides loans in three tranches, - 1st tranche of Rs 10,000, 2nd tranche of Rs 20,000 subject to repayment of the 1st of tranche, and 3rd tranche of Rs 50,000 upon repayment of the second loan.
Who are eligible for PM SVANidhi Scheme?
All street vendors in urban areas are eligible for benefits under the PM SVANidhi Scheme, irrespective of the date on which they started vending. As per scheme guidelines, eligible vendors are identified based on various criteria. Under the PM SVANidhi Scheme, a working capital loan of up to Rs 10,000 was introduced initially.
Considering the requirement for an enhanced loan, a second loan amount of up to Rs 20,000 with effect from April 09, 2021, and a third loan of up to Rs 50,000 with effect from June 1, 2022, were introduced.
Loans disbursed to PM SVANidhi beneficiaries
As per data by the Union Housing and Urban Affairs ministry, loans disbursed to PM SVANidhi beneficiaries stood at Rs 2,039 crore in the 2020-21 fiscal, Rs 1,248 crore in 2021-22, Rs 1,866 crore in 2022-23 and Rs 4,637 crore in 2023-24 fiscal, taking the total to Rs 9,790 crore.
(With inputs from agencies)
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