Fill in the blank:
The PM SVANidhi scheme provides micro-credit facilities to ______.
Show answer & explanation
Correct answer: A
Explanation
Correct Answer
Street vendors
Explanation
The PM SVANidhi (Pradhan Mantri Street Vendor's Atmanirbhar Nidhi) scheme is a micro-credit facility launched by the Government of India in 2020. The primary objective of the scheme is to provide affordable working capital loans to street vendors who have been impacted by the COVID-19 pandemic. By offering this financial assistance, the scheme aims to help them resume their businesses and achieve economic self-reliance. It is a central sector scheme that facilitates collateral-free loans, enabling street vendors to improve their livelihood.
Key Points
The scheme incentivizes digital transactions through cashback rewards and provides interest subsidies to those who repay their loans on time. It is a part of the government's broader initiative to support the informal economy and integrate street vendors into the formal financial system, thereby promoting financial inclusion and business growth.
Important Questions and Answers
Question: Which ministry is responsible for the implementation of the PM SVANidhi scheme?
Answer: The Ministry of Housing and Urban Affairs.
Question: What is the maximum loan amount initially offered under the PM SVANidhi scheme?
Answer: An initial working capital loan of up to ₹10,000.\