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NEWS IMPULSE – PM SVANIDHI SCHEME| 06 OCTOBER

/ October, UPSC Daily Current Affairs

SOURCE – THE HINDU

GS PAPER – 2 AND 3

CONTEXT – Ministry of Housing and Urban Affairs signed Memorandum of Understanding with Swiggy to take street food vendors online. This was achieved under PM Svanidhi Scheme.

ABOUT THE SCHEME

  • PM SVANIDHI scheme launched by the central government aims at enabling the street vendors to resume their livelihood which has been adversely affected due to the ongoing COVID-19 pandemic and the subsequent lockdown by the government.
  • Micro-credit facility scheme will provide affordable loans to street vendors.
  • The scheme was launched by the Housing and Urban Affairs Ministry
  • Through this scheme, the government will recognize the significant role of the street vendors at making goods and services available at the doorstep.
  • The launched scheme will benefit over 50 lakh vendors who have been vending on or before March 24, 2020, in urban areas. The duration of the scheme will be until March 2022.
  • The vendors will be able to avail of a working capital loan of up to Rs. 10,000, which will be repayable in monthly installments in the tenure of one year.
  •  On early or timely repayment of the loan, an interest subsidy at the rate of 7% per annum will be credited to the beneficiary’s bank account through Direct Benefit Transfer (DBT) on six -month basis.