As per report a loan of Rs 9,152 crore has been disbursed so far through the Prime Minister's Swanidhi Scheme, which promotes inclusive entrepreneurship. The Prime Minister's Svanidi scheme, a micro-credit scheme launched by the central government for street vendors, has helped promote 'inclusive entrepreneurship' and has demonstrated gender equality. BM-Svaniti stands for Self Funding of BM street vendors. Launched by the Ministry of Housing and Urban Affairs on june 1, 2020, during the Corona Pandemic, the scheme provides collateral-free loans of up to Rs.50,000 in additional installments to eligible street vendors. Accordingly, loans are disbursed in three installments. First installment Rs.10,000, 2nd installment Rs.20,000. 3rd installment of Rs.50,000 is given after repayment of the second loan.
Under this scheme, a recent study by sbi said that 43 per cent of the beneficiaries are women street vendors. Also, 44 per cent of Prime Minister's Swanidhi beneficiaries belong to the OBC category, while Scheduled Castes and Tribes account for 22 per cent. Sharing the report on his blog, prime minister Narendra Modi praised the transformational nature of the project. "This in-depth research by state bank of India's sowmya Gandhi Ghosh clearly illustrates the transformative impact of prime minister Swanidhi. It highlights the inclusive nature of the program and how it has led to financial empowerment of the marginalized," he posted.
Under the scheme, regular repayments are encouraged with a 7 per cent interest subsidy, and cashback of up to Rs 1,200 per annum for wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital transactions. According to the information board of the Prime Minister's Svanidi Scheme, as on october 26, 2023, 57.20 lakh loans have been disbursed as 1st installment, 15.92 lakh loans as 2nd installment and 1.94 lakh loans as 3rd installment. According to the report, the ratio of first loan repayment of Rs 10,000 and second loan of Rs 20,000 is 68%. Similarly, the rate of repayment of the second loan of Rs.20,000 and the third loan of Rs.50,000 is 75%. This shows the financial control of small and marginal street traders. So far banks have given loans of Rs.9,152 crore under this scheme.
Public sector banks are the leading lenders. Among public sector banks, bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>state bank of india (SBI) has disbursed 31 per cent of the total loans under the scheme, followed by bank of Baroda (31%), Union bank of india (10%) and punjab National bank (8%). According to Prime Minister's Swanithi data, about 5.9 lakh borrowers are in 6 metros, while 7.8 lakh borrowers belong to cities with a population of over 1 crore. 1,37,516 are the maximum number of BM Svanidi account holders in Ahmedabad. 45 per cent in Varanasi, 31 per cent in Bengaluru, 30 per cent in chennai and 30 per cent in Prayagraj are among the borrowers and repayers.
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