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.
Comprehensive coverage with a concise format Integration of PYQ within the booklet Designed as per recent trends of Prelims questions हिंदी में भी उपलब्ध
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Comprehensive coverage with a concise format Integration of PYQ within the booklet Designed as per recent trends of Prelims questions हिंदी में भी उपलब्ध
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