PM SVANidhi Scheme: UP secures the top rank

On 26 October, 2020, the Government of India announced that Uttar Pradesh secured the top rank PM SVANidhi Scheme. The state has approved the highest number of loans so far.

Highlights

Uttar Pradesh government has secured the top ranking in all categories of the PM SVANidhi Scheme. The categories include sanction, applications, disbursements of loans. Under the scheme more than 6,22,167 application were received. Out of this, 3,46,150 were given.

More than seven cities from the state have found their top place in the list. They are Lucknow, Varanasi, Aligarh, Allahabad, Ghaziabad, Gorakhpur and Kanpur.

On October 27, 2020, PM Modi is to distribute more than 300,000 loans under the PM SVANidhi scheme.

PM SVANidhi Scheme

The scheme was launched by Prime Minister Narendra Modi in September 2020 it was launched to help the street vendors. Under the scheme Street vendors are provided with the capital loan of  10000 Rupees at subsidized interest rates. It includes Street vendors in rural, urban and urban areas.

The scheme has been extended to March 2020 the banks that provide the creditor to the vendor under the scheme are scheduled commercial banks, small finance banks, regional rural banks,e-, self help group banks, microfinance institutions, non banking financial companies, Cooperative Bank.

Benefits of the scheme

The scheme will benefit 50 lacs Street vendors. Scheme allows digital transactions. The vendors can avail the escalation of credit limit facility through timely repayment of loan. Also on timely repayment of loan and interest subsidy is being credited.

Implementation agency

The scheme is being implemented by the small industries Development Bank of India, SIDBI.

Recent developments

The Government of India has joined hands with swiggy to door deliver food from the street vendors. This is being implemented by the Ministry of housing and urban affairs in five major cities such as Ahmedabad, Delhi, Chennai, Varanasi and Indore.

Recently, the State Bank of India portal was integrated with PM SVANidhi Portal under Application Programming Interface.

Month: Current Affairs - October, 2020