New Delhi, May 30 (IANS). More than 55 lakh beneficiaries have been digitally connected under the Prime Minister Street Vendors Self-reliant Fund (PM SVANidhi) scheme. These beneficiaries have together made more than 841 crore digital transactions, the total value of which has been approximately Rs 9 lakh crore. This information was given in an official statement released on Saturday.
More than 55 lakh beneficiaries have been linked to the digital platform, and they have collectively made more than 841 crore digital transactions, amounting to Rs 8.96 lakh crore. Beneficiaries have also received around Rs 800 crore as digital cashback incentive and interest subsidy.
Further, considering the strong achievements of the scheme and its demonstrable impact, it has been extended till March 2030.
PM Swanidhi Yojana was launched in June 2020. This is the first microcredit scheme in the country that focuses on street vendors and provides a government-backed loan guarantee.
The scheme has now become a nationwide campaign, providing financial empowerment, digital inclusion and social security to millions of people working in India’s unorganized economy.
Apart from providing loans without any guarantee, the scheme has promoted digital payments, eased access to institutional credit and expanded the social security net.
The scheme has made the business of street vendors across the country more sustainable and improved their income. Nearly 95 per cent of beneficiaries received formal institutional loans for the first time under the PM Swanidhi scheme.
Moreover, an average annual increase of about 20 percent has been recorded in the income of the beneficiaries. The economic benefits of the scheme have significantly improved the standard of living of the beneficiaries.
The scheme has also strengthened access to better housing facilities, nutritious food, health services and education.
It has promoted social inclusion of vulnerable and deprived communities in urban areas. About 46 percent of the beneficiaries of the scheme are women, while about 70 percent of the beneficiaries come from deprived communities.
The scheme provides three tranches of unsecured working capital loan facility of Rs 15,000, Rs 25,000 and Rs 50,000, which also includes interest subsidy and credit guarantee support.
Sellers who successfully repay the second round of loan become eligible for a UPI linked RuPay credit card with a limit of up to Rs 30,000.
A cashback incentive of up to Rs 1,600 on retail and wholesale digital transactions is also provided to street vendors to promote digital payments and financial literacy.
–IANS
DBP