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The PM SVANidhi Scheme has been restructured and expanded beyond statutory urban areas to include census towns and peri-urban areas.
An impact assessment study by the Indian School of Business (ISB) found that the average annualized business income of borrowers grew by 20% between 2023 and 2025.
The scheme has successfully built credit histories, with 30% of borrowers subsequently accessing other formal loans.
To provide affordable working capital loans to street vendors to resume their livelihoods.
Key: Vendors can avail a collateral-free working capital loan up to ₹10,000, followed by subsequent tranches of ₹20,000 and ₹50,000 upon timely repayment. It also incentivizes digital transactions.
The nodal ministry for the PM SVANidhi scheme.
Responsible for conducting surveys and identifying eligible street vendors under the Street Vendors Act, 2014.
GS Paper 2 > Welfare Schemes / GS Paper 3 > Inclusive Growth
General Awareness > Financial Inclusion
Which of the following is a most likely consequence of implementing the 'Unified Payments Interface (UPI)'?
Answer: Mobile wallets will not be necessary for online payments.
Consider the following statements: 1. National Payments Corporation of India (NPCI) helps in promoting the financial inclusion in the country. 2. NPCI has launched RuPay, a card payment scheme. Which of the statements given above is/are correct?
Answer: Both 1 and 2
Which one of the following best describes the term "Merchant Discount Rate" sometimes seen in news?
Answer: The charge to a merchant by a bank for accepting payments from his customers through the bank's debit cards.
With reference to digital payments, consider the following statements: 1. BHIM app allows the user to transfer money to anyone with a UPI-enabled bank account. 2. While a chip-pin debit card has four factors of authentication, BHIM app has only two factors of authentication. Which of the statements given above is/are correct?
Answer: 1 only
PM Street Vendor's AtmaNirbhar Nidhi, a micro-credit facility providing affordable working capital loans to street vendors.