On September 9, 2020, Prime Minister Modi interacted with the street vendors of Madhya Pradesh as a part of 'Svanidhi Samvaad' and praised them for ensuring cleanliness around them, via video conferencing at 11 am today. The Chief Minister of Madhya Pradesh, Shivraj Singh Chauhan and Union Urban Development Minister Hardeep Singh Puri also attended the event via video conferencing.
Prime Minister Modi stated via video conferencing, 'I congratulate all beneficiaries of the PM SVANidhi scheme. In my interactions with a few of them, I could see hope, confidence in their talks. I also congratulate Chief Minister Shivraj Singh and his team for his efforts through which in just two months over one lakh street vendors have received the benefit under the scheme'.
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He further added that for the first time lakhs of people have been connected to the system and have received an identity. The beneficiaries can get full exemption from paying back the interest on loans if they look at the minute details of the scheme.
Prime Minister Modi urged the small vendors to use digital modes of payments. For this, the bank officials will make a visit to the vendors and will provide them with the QR codes, along with the instructions.
Prime Minister spoke to three beneficiaries from Indore, Gwalior and Raisen about the benefits received and the difficulties faced under the PM SVANidhi Scheme. He further inquired them about the businesses they had started and the COVID-19 effect on them.
Around 4.5 lakh vendors have registered under the scheme in Madhya Pradesh and more than 4 lakh vendors have already received the certificate. Under the PM SVANidhi scheme, 47% of the beneficiaries are from the state of Madhya Pradesh alone.
What is PM SVANidhi Scheme?
PM SVANidhi or Pradhan Mantri Street Vendor’s Atmanirbhar Nidhi scheme was launched on June 1, 2020, by the Central Government to help the street vendors resume their livelihood activities who were impacted by COVID-19.
Aim of the Scheme
The scheme aims at facilitating working capital loan up to Rs. 10,000 at a subsidized rate of interest, incentivizing regular repayment of the loan and to reward digital transactions. The scheme aims at providing benefits to street vendors or hawkers in urban, pre-urban and rural areas on March 24, 2020, or before.
Features of the scheme
1- Initial working capital of up to Rs. 10,000.
2- Interest subsidy on timely or early repayment at the rate of 7%.
3- Monthly cash-back incentive on digital transactions.
4- Higher loan eligibility on timely repayment of the first loan.
Tenure of the scheme
The tenure of the scheme is up to March 2022.
Who will lend the credit to the vendors?
1- Scheduled Commercial Banks
2- Regional Rural Banks
3- Small Finance Banks
4- Cooperative Banks
5- Non-Banking Financial Companies
6- Micro-Finance Institutions
7- SHG Banks.
How to apply for the loan?
1- To apply for the loan, you need to have an identity card or vending certificate.
2- Visit a nearby Banking Correspondent (BC) or the Agent of Micro Finance Institution (MFI).
3- Upload all the necessary documents on the Mobile App.
What are the KYC documents required in addition to CoV/ ID / LoR?
1- Aadhaar Card
2- Voter’s Identity Card
3- Driving Licence
4- MNREGA Card
5- PAN Card
What is the amount of incentive for digital transactions?
1- On executing 50 eligible transactions, Rs. 50 will be transferred.
2- On executing the next 50 transactions, an additional Rs. 25 will be transferred.
3- On executing the next 100 transactions, an additional Rs. 25 will be transferred.
It is important to note that each transaction greater than Rs. 25 will be counted.
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