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SBI Analyses PM SVANidhi Scheme’s Impact on Street Vendors

Context:

  • The PM Svanidhi scheme has expanded access to formal credit in India as per study by SBI.

Analysis of the PM SVANidhi Scheme by SBI: Major Findings

  • Financial Inclusion and Empowerment: The PM SVANidhi scheme has led to an increase in the number of people included in formal credit and has empowered borrowers financially. 
  • First-Time Borrowers and Active Usage by Street Vendors: Many borrowers are first-time borrowers, and a significant number of street vendors are actively using their Jan Dhan accounts and debit cards. 
  • Improved Borrower Behavior and Increased Spending: The study also indicates that the formalization of credit has resulted in improved borrower behavior and increased spending among borrowers.
  • Demographics of Scheme Beneficiaries: About two-thirds of the borrowers under the scheme fall in the age group of 26-45, and many are first-time borrowers.
    •  Moreover, over 50 lakh street vendors, who have borrowed under the scheme, are actively using their Jan Dhan accounts and debit cards. 
  • Top Performing Cities: Of the cities with population over 10 lakh, Varanasi is the top performer where 4-5 % of total spenders are active spenders, followed by Bengaluru, Chennai and Prayagraj. 
  • Empowerment of Urban Females: The study said that 43% share of females indicates empowerment capabilities of urban females. 
PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi)

  • PM SVANidhi is a central sector scheme.
  • Nodal Ministry: Ministry of Housing and Urban Affairs
  • Objective: To provide affordable Working Capital loans to street vendors to resume their livelihoods that have been adversely affected due to Covid-19 lockdown.
  • It facilitates collateral-free loans of ₹10,000, with subsequent loans of ₹20,000 and ₹50,000 with 7% interest subsidy.
  • It has been extended till December 2024.


News Source:
TOI

 

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