In 2025, PM SVANidhi was enhanced with UPI-linked credit cards for street vendors. Which Ministry oversees this?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is Option 2: Ministry of Housing and Urban Affairs (MoHUA).
Explanation:
- The PM SVANidhi scheme—the full form of which is 'Prime Minister Street Vendor's Atmanirbhar Nidhi'—is a flagship initiative of the Ministry of Housing and Urban Affairs.
- 2025 Update: To fully integrate street vendors into the digital economy, this scheme has now been upgraded to include UPI-linked Credit Card facilities. This will not only make it easier for street vendors to access credit but will also help improve their credit scores.
- Core Objective of the Scheme: To provide affordable 'Working Capital Loans' (without any collateral) to street vendors who were economically impacted during the COVID-19 pandemic, enabling them to restart their businesses.
- Implementing Partner: SIDBI acts as the primary partner for the technical implementation of this scheme.
Important Questions for Upcoming Examinations:
Question: What benefit do vendors receive for conducting digital transactions under the PM SVANidhi scheme?
Answer: They receive a 'Cashback' facility on a monthly basis.
Question: What percentage of Interest Subsidy is provided under this scheme for timely repayment?
Answer: 7% per annum.
Question: Who is the current Minister of Housing and Urban Affairs in India?
Answer: Manohar Lal Khattar.