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75% of beneficiaries of PM SVANidhi scheme come from non-general category with OBCs accounting for 44%: SBI

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An SBI research report has praised the Modi government’s micro-credit PM SVANidhi scheme for street vendors for ensuring inclusive entrepreneurship. It said nearly 75 percent of its beneficiaries come from the non-general category with the OBCs accounting for 44 percent.

The report said, that the Scheduled Castes and Scheduled Tribes account for 22 percent of the total disbursement of the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme and 43 percent of the total beneficiaries are women. The SBI report said that female share indicates empowerment of entrepreneurial capabilities of urban females, giving SVANidhi a gender equaliser tag.

Sharing the report on social media, Prime Minister Narendra Modi said, this in-depth research by Soumya Kanti Ghosh of the State Bank of India provides a very clear picture of the transformative impact of PM SVANidhi. Mr Modi said, it notes the inclusive nature of this scheme and highlights how it has led to financial empowerment. Soumya Kanti Ghosh is the SBI’s Group Chief Economic Advisor.

The research report said the PM SVANidhi scheme has seamlessly connected marginalised urban micro-entrepreneurs, breaking down community barriers along the way. It said, the persistency ratio (first and second loans repaid) is increasing, which indicates the scheme’s need and popularity, and also incentivisation of those who are paying back the loans.

Till date, around 70 lakh loans have been disbursed in all three tranches, benefiting over 53 lakh street vendors, with the total value exceeding 9,100 crore rupees, the report said. Over 65 percent of the borrowers under the scheme are in the 26-45 age group, it said.

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