PM Sannidhi Yojana 2020: PM Sannidhi Yojana Apply Online, Application Form, Eligibility Criteria, Beneficiary List

By | June 3, 2020

PM Sannidhi Yojana 2020: PM Sannidhi Yojana Apply Online, Application Form, Eligibility Criteria, Beneficiary List:

PM Sannidhi Yojana

The Ministry of Housing and Urban Affairs has launched a Special Micro-Credit Facility Scheme – PM SVANidhi (PM स्वनिधि ) – PM  Street  Vendor’s AtmaNirbharNidhi,for providing affordable loans to street vendors. This scheme will go a long way in enabling them to resume work and earn livelihoods.

Over 50 lakh people, including vendors, hawkers, thelewalas, rehriwala, theliphadwala etc. in different areas/ contexts are likely to benefit from this scheme.

The goods supplied by them range from vegetables, fruits, ready-to-eat street foods, tea, pakodas, breads, eggs, textiles, apparel, footwear, artisan products, books/ stationaries etc. The services include barber shops, cobblers, pan shops, laundry services etc.

The Government of India is sensitive towards the problems they have faced in the wake of the COVID-19 crisis. In such a time, there is an urgent need to provide affordable credit to them to ensure their business gets a boost.

Urban Local Bodies will play pivotal role in the implementation of the scheme.

This scheme is special due to a number of reasons:

1- A historic first:

This is for the first time in India’s history that street vendors fromperi- urban/ rural areas have become beneficiaries of an urban livelihood programme.

The vendors can avail a working capital loan of up to Rs. 10,000, which is repayable in monthly instalments in the tenure of one year. On timely/ early repayment of the loan, an interest subsidy @ 7% per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer on six monthly basis. There will be no penalty on early repayment of loan.

The scheme provides for escalation of the credit limit on timely/ early repayment of loan to help the vendor achieve his ambition of going up on the economic ladder.

It is for the first time that MFIs/ NBFCs/ SHG Banks have been allowed in a scheme for the urban poor due to their ground level presence and proximity to the urban poor including the street vendors.

2- Harnessing technology for empowerment:

In line with the Government’s vision of leveraging technology to ensure effective delivery and transparency, a digital platform with web portal/ mobile app is being developed to administer the scheme with end-to-end solution. The IT platform will also help in integrating the vendors into the formal financial system. This platform will integrate the web portal/ mobile app with UdyamiMitra portal of SIDBI for credit management and PAiSA portal of MoHUA to administer interest subsidy automatically.

3- Encouraging digital transactions:

The scheme incentivises digital transactions by the street vendors through monthly cash back.

4- Focus on capacity building:

MoHUA in collaboration with State Governments, State Missions of DAY-NULM, ULBs, SIDBI, CGTMSE, NPCI and Digital Payment Aggregators will also launch a capacity building and financial literacy programme of all the stakeholders and IEC activities throughout the country during the month of June and loaning will commence in the month of July.

The Government of India today decided for further upward revision of MSME definition. In the package announcement, the definition of micro manufacturing and services unit was increased to Rs. 1 crore of investment and Rs. 5 crore of turnover. The limit of small unit was increased to Rs. 10 crore of investment and Rs 50 crore of turnover. Similarly, the limit of a medium unit was increased to Rs 20 crore of investment and Rs. 100 crore of turnover.

It may be noted that this revision was done after 14 years since the MSME Development Act came into existence in 2006. After the package announcement on 13th May, 2020, there were several representations that the announced revision is still not in tune with market and pricing conditions and it should be further revised upwards. Keeping in mind these representations, Prime Minister decided to further increase the limit for medium manufacturing and service units.

Now it will be Rs. 50 crore of investment and Rs. 250 crore of turnover. It has also been decided that the turnover with respect to exports will not be counted in thelimits of turnover for any category of MSME units whether micro, small or medium.

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