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TMI Blog28,69,477 eligible beneficiaries benefited under PM SVANidhi SchemeX X X X Extracts X X X X X X X X Extracts X X X X ..... 28,69,477 eligible beneficiaries benefited under PM SVANidhi Scheme X X X X Extracts X X X X X X X X Extracts X X X X ..... on or before March 24, 2020 are eligible for benefits under PM SVANidhi Scheme. This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Lok Sabha. The Minister stated that 28,69,477 eligible beneficiaries have benefited under the PM SVANidhi Scheme till March 7, 2022. A statement indicating State and year-wise details of the loan disbur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed under the scheme is at ANNEXURE-I. So far, the Minister stated, an amount of ₹ 45.21 crore & ₹ 7.55 crore have been paid as interest subsidy and cash back respectively, the Minister stated. State wise details is at ANNEXURE-II. The Minister stated that PM SVANidhi is a Central Sector Scheme. No funds are released to the States for disbursal to beneficiaries. Loan amount is direct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly released to the beneficiaries by the Lending Institutions, the Minister added. Giving more details, the Minister stated that an interest subsidy of 7% is paid on quarterly basis through direct benefit transfer to the borrower on repayment of the loan instalments and cash back of upto ₹ 100 per month is provided to the street vendors to incentivize digital transactions. The Minister stat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that the eligible vendors are identified as per following criteria:- * Street vendors in possession of Certificate of Vending / Identity Card issued by Urban Local Bodies (ULBs); * The vendors, who have been identified in the ULB led survey, but have not been issued Certificate of Vending / Identity Card; * Street Vendors, left out of the survey or who have started vending after completio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of the survey and have been issued Letter of Recommendation (LoR) to that effect by the ULB / Town Vending Committee (TVC); and * The vendors of surrounding development/ peri-urban / rural areas vending in the geographical limits of the ULBs and have been issued Letter of Recommendation (LoR) to that effect by the ULB / TVC. Giving details on the rate of interest charged by different types of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Lending Institutions under PM SVANidhi Scheme, the Minister stated as under:- * In case of Scheduled Commercial Banks, Regional Rural Banks (RRBs), Small Finance Banks (SFBs), Cooperative Banks & SHG Banks, it is as per their prevailing rates of interest as per their Board approved policies. * In case of Non-Banking Finance Company (NBFC), NBFC-Micro-Finance Institutions (MFIs) etc., it is as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per RBI guidelines for respective lender category.
* For MFIs (non NBFC) & other lender categories not covered under the RBI guidelines, it is applicable as per the extant RBI guidelines for NBFC-MFIs.
An interest subsidy of 7% is paid on a quarterly basis on timely repayment of the loan instalments. The interest above the subsidy is borne by the beneficiary. X X X X Extracts X X X X X X X X Extracts X X X X
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