SVANidhi se Samriddhi’ Program

Context

The Union Government has launched the ‘SVANidhi se Samriddhi’ program in additional 126 cities across 14 States/ UTs.

‘SVANidhi se Samriddhi’, is an additional program of PMSVANidhi, which was launched in 2021 under the Ministry of Housing and Urban Affairs.
During Phase 1 of the program, it covered 125 cities, covering approximately 35 Lakh Street vendors and their families.
Phase 2 of the program plans to cover additional 126 cities with an aim to support 28 Lakh Street vendors and their families.
‘SVANidhi se Samriddhi’ program was started to provide social security benefits to street vendors for their holistic development and socio-economic upliftment.
Under the program, socio-economic profiling of PMSVANidhi beneficiaries and their families is conducted to assess their eligibility for 8 Government of India’s welfare schemes and facilitate sanctions of eligible schemes.These are-

Pradhan Mantri Jeevan Jyoti Bima Yojana.
PM Suraksha Bima Yojana.
Pradhan Mantri Jan Dhan Yojana.
Registration under Building and Other Constructions Workers (Regulation of Employment and Conditions of Service) Act (BOCW).
Pradhan Mantri Shram Yogi Maandhan Yojana.
National Food Security Act (NFSA) portability benefit – One Nation One Ration Card (ONORC).
Janani Suraksha Yojana.
Pradhan Mantri Matru Vandana Yojana (PMMVY).

Quality Council of India (QCI) is the implementing partner for the programme.
The program has two-fold achievements:

One, a central database of Street vendors and their families is created on various socio-economic indicators.
Second, a first of its kind inter-ministerial convergence platform is established between various Central Ministries to extend the safety net of welfare schemes to street vendor households.

The Prime Minister Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi) was launched by the Ministry of Housing and Urban Affairs in June 2020.
The main objective of the scheme is to provide affordable Working Capital loans to street vendors to restart their livelihoods that have been adversely affected due to the Covid-19 lockdown.
Vendors can avail of a working capital loan of up to Rs. 10,000, which is repayable in monthly installments in the tenure of one year.
On timely/ early repayment of the loan, an interest subsidy at the rate of 7% per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer on a quarterly basis.
There will be no penalty for early repayment of the loan.
The scheme promotes digital transactions through cash back incentives up to an amount of Rs. 100 per month.
The vendors can avail of the facility of escalation of the credit limit on timely/ early repayment of loans.
According to the scheme guidelines, a vendor is any person engaged in vending articles, goods, wares, food items or merchandise of daily use or offering services to the public in a street, footpath, pavement etc.,
To avail of the loan, a vendor should: Possess a Certificate of Vending / Identity Card issued by Urban Local Bodies (ULBs).
KYC document needed: Aadhar Card / Voter’s Identity Card / Driving Licence / MNREGA Card / PAN Card.