Svanidhi Se Samriddhi Programme Expanded To Cover 126 More Cities.

Why in news?

• SVANidhi se Samriddhi program was started to provide social security benefits to street vendors for their holistic development and socio-economic upliftment.
• SVANidhi se Samriddhi, additional program of PM SVANidhi (Prime Minister Street Vendors AtmaNirbhar Nidhi), launched in January 2021 in 125 cities in Phase 1, covering approximately 35 Lakh Street vendors and their families.
• Later, post success of phase 1, Ministry of Housing and Urban Affairs (MoHUA) launched the program expansion with an aim to cover 28 Lakh Street vendors and their families, with a total target of 20 Lakh scheme sanctions for FY 2022-23.
• Quality Council of India (QCI) is the implementing partner for the programme.
• Benefits of the scheme
  • Vendors can avail working capital loan of up to Rs. 10,000, which is repayable in monthly instalments in the tenure of one year.
  • Interest subsidy @ 7% per annum on regular repayment of loan.
  • No penalty on early repayment of loan.
  • Promotes digital transactions through cash back incentives up to an amount of Rs. 100 per month.
  • Vendors can avail the facility of escalation of the credit limit on timely/ early repayment of loan.
• PM SVANidhi, a Central Sector Scheme, was launched in June 2020, aims to provide an affordable working capital loan to Street Vendors.
• Small Industries Development Bank of India (SIDBI) is the implementing agency.