PM SVANidhi

• The Prime Minister Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi) Scheme was launched by the Ministry of Housing and Urban Affairs for providing affordable Working Capital loans to street vendors to resume their livelihoods that have been adversely affected due to Covid-19 lockdown. 
• It is a central sector scheme launched in 2020.
• Under the Scheme, 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. The loans would be without collateral.
• If the vendor repays the instalments in time or earlier, they will develop his credible credit score that makes him eligible for a higher amount of term loan to 20 thousand rupees and so on. 
• 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 quarterly basis. 
• There will be no penalty on early repayment of loan. The scheme promotes digital transactions through cash back incentives up to an amount of Rs. 100 per month. 
• The scheme targets to benefit over 50 lakh street vendors. 
• Small Industries Development Bank of India (SIDBI) is implementing the scheme.
• The lending institutions under the Scheme include Scheduled Commercial Banks, Regional Rural Banks, Small Finance Banks, Cooperative Banks, NBFCs, Microfinance institutions and Self Help Group banks. 

PM Vishwakarma scheme

• In 2023, the Government of India launched Pradhan Mantri Vishwakarma Yojana (PMVY) to equip craftspeople with the technology to augment their skills for the modern market.
• PM Vishwakarma is a Central Sector Scheme launched recently to provide end-to-end support to artisans and craftspeople who work with their hands and tools. 
• It is a new scheme with an outlay of Rs 13,000 crore and is fully funded by the Central government. The Ministry of Micro, Small & Medium Enterprise is the nodal ministry of PM Vishwakarma Yojana.
• The prime focus of PM Vishwakarma is at improving the quality as well as the reach of products and services of artisans and craftspeople and to ensure that they are integrated with the domestic and global value chains.
• The scheme will provide support to artisans and craftspeople of rural and urban areas across India. 
• Eighteen traditional crafts will be covered under PM Vishwakarma. These include (i) Carpenter; (ii) Boat Maker; (iii) Armourer; (iv) Blacksmith ; (v) Hammer and Tool Kit Maker; (vi) Locksmith; (vii) Goldsmith; (viii) Potter; (ix) Sculptor, Stone breaker; (x) Cobbler (Shoesmith/ Footwear artisan); (xi) Mason (Rajmistri); (xii) Basket/Mat/Broom Maker/Coir Weaver; (xiii) Doll & Toy Maker (Traditional); (xiv) Barber; (xv) Garland maker; (xvi) Washerman; (xvii) Tailor; and (xviii) Fishing Net Maker.

Benefits of the scheme

• The Scheme envisages provisioning of the following benefits to the artisans and craftspersons: 
  • (i) Recognition: Recognition of artisans and craftspeople through PM Vishwakarma certificate and ID card.
  • (ii) Skill Upgradation: Basic Training and Advanced Training, with a stipend of Rs. 500 per day; 
  • (iii) Toolkit Incentive: A toolkit incentive of upto Rs. 15,000 in the form of e-vouchers at the beginning of Basic Skill Training.
  • (iv) Credit Support: Collateral free ‘Enterprise Development Loans’ of upto Rs. 3 lakh at a concessional rate of interest.
  • (v) Incentive for Digital Transaction: An amount of Re. 1 per digital transaction, upto maximum 100 transactions monthly for each digital pay-out or receipt. 
  • (vi) Marketing Support: Marketing support in the form of quality certification, branding, onboarding on e-commerce platforms, advertising, publicity, etc.

Jan Samarth Portal

• Jan Samarth is a first-of-its-kind online platform for directly connecting lenders with beneficiaries. 
• Citizens can avail loans under 13 Central government schemes under 4 loan categories. The one-stop portal allows citizens to check eligibility, apply online and get digital approval.
• The core objective of Jan Samarth Portal is to promote inclusive growth and development of various sectors by guiding and providing them the right type of Government benefits through simple and easy digital processes. 
• The portal ensures end-to-end coverage of all the processes and activities of all the linked schemes.

Why in News?

• The Finance Ministry has urged private sector banks to extend more loans under Financial Inclusion Schemes such as PM SVANidhi, PM Vishwakarma and Jan Samarth Portal aimed at providing more jobs for the poor such as skilled artisans and street vendors. 

https://www.newsonair.gov.in/finance-ministry-urges-private-sector-banks-to-extend-more-loans-under-financial-inclusion-schemes/