THE MINISTER OF STATE IN THE MINISTRY OF HOUSING AND URBAN AFFAIRS
(SHRI KAUSHAL KISHORE)
(a): The number of beneficiaries benefitted under the PM SVANidhi Scheme in Madhya Pradesh and Tamil Nadu are 3,27,433 and 1,08,224 respectively.
(b): Under PM SVANidhi Scheme, the rate of interest of different types of Lending Institutions is as under:
(i) In case of Scheduled Commercial Banks, Regional Rural Banks (RRBs), Small Finance Banks (SFBs), Cooperative Banks & SHG Banks, itis as per their prevailing rates of interest.
(ii) In case of Non-Banking Finance Company (NBFC), NBFC-Micro-Finance Institutions (MFIs) etc., it is as per RBI guidelines for respective lender category.
(iii) In respect of MFIs (non NBFC) & other lender categories not covered under the RBI guidelines, itis applicable as per the extant RBI guidelines for NBFC-MFIs.
An interest subsidy of 7% is paid by Ministry on a quarterly basison timely repayment of the loan instalments. The interest above the subsidy is borne by the beneficiary.
Further, for use of digital transactions, a cashback incentive has been provided under the Scheme; for 50 and above transactions per month, Rs.50/-, for 100 and above transactions per month Rs.75/- and 200 and above transactions per month Rs.100/- are provided. The amount is automatically credited in the beneficiary’s account.
If the beneficiary receives 7% interest subsidy and full cashback on digital transactions, his loan becomes without any interest burden. Therefore, timely repayment and digital transactions to mainstream the street vendors into formal economy have been incentivised.
(c): PM SVANidhi is a Central Sector Scheme. Beneficiaries in Tamil Nadu and Madhya Pradesh have been paid interest subsidy of Rs.0.20 crore & Rs.2.21 crore and cash back of Rs.0.89 lakh & Rs.10.41 lakhrespectively.
(d): Details of additional interest subsidy on PM SVANidhi loans are available with respective State Governments.
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