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Consider the following statements regarding the newly launched PM SVANidhi scheme:
1. It aims to facilitate working capital loan up to Rs. 100,000 at subsidized rate of interest to street vendors for resuming their livelihoods activities, after easing of lockdown.
2. Both the street vendors in urban and rural areas are covered.
3. Those who are repaying the loan on time or earlier are eligible for an incentive.
Which of the statements given above is/are correct?
1. It aims to facilitate working capital loan up to Rs. 100,000 at subsidized rate of interest to street vendors for resuming their livelihoods activities, after easing of lockdown.
2. Both the street vendors in urban and rural areas are covered.
3. Those who are repaying the loan on time or earlier are eligible for an incentive.
Which of the statements given above is/are correct?
- a)1 and 3 only
- b)2 and 3 only
- c)1 and 2 only
- d)1, 2 and 3
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
Consider the following statements regarding the newly launched PM SVAN...
- PM Street Vendor's Atmanirbhar Nidhi (PM SVANidhi) is a special micro-credit facility for street vendors launched recently by Ministry of Housing and Urban Affairs. It is a Central Sector Scheme to facilitate street vendors to access affordable working capital loan for resuming their livelihoods activities, after easing of lockdown.
- Objectives of the Scheme:
(i) To facilitate working capital loan upto Rs. 10,000 at a subsidized rate of interest. Hence statement 1 is not correct.
(ii) To incentivize regular repayment of the loan; and o To reward digital transactions. - Salient Features of the scheme:
(i) Interest subsidy on timely/ early repayment @7%. Hence statement 3 is correct.
(ii) Monthly cash-back incentive on digital transactions o Higher loan eligibility on timely repayment of the first loan.
(iii) It covers street vendors/hawkers vending in urban areas, as on or before March 24, 2020, including the vendors of surrounding peri-urban and rural areas. Hence statement 2 is correct.
(iv) Lending institutions that will provide credit under it: Scheduled Commercial Banks, Regional Rural Banks, Small Finance Banks, Cooperative Banks, Non-Banking Financial Companies, Micro-Finance Institutions and SHG Banks.
(v) The Scheme shall be implemented up to March, 2022.
(vi) KYC documents required (either of them): Aadhaar Card, Voter’s Identity Card, Driving Licence, - MNREGA Card, PAN Card.
(i) No collateral security is required to avail this loan.
(ii) If a loanee name is in the list of surveyed vendors, but he does not have either Identity Card or Certificate of Vending then also he is can avail this scheme. A Provisional Certificate of Vending would be issued to vendors through an IT based Platform. The Banking Correspondent/ Agent will help in filling up the application and upload the documents in a mobile App/ Portal.
Most Upvoted Answer
Consider the following statements regarding the newly launched PM SVAN...
Statement 1: It aims to facilitate working capital loan up to Rs. 100,000 at subsidized rate of interest to street vendors for resuming their livelihoods activities, after easing of lockdown.
The first statement is correct. The PM SVANidhi (Pradhan Mantri Street Vendor's AtmaNirbhar Nidhi) scheme was launched to provide financial support to street vendors who were affected by the lockdown imposed due to the COVID-19 pandemic. It aims to provide working capital loans of up to Rs. 100,000 to street vendors to help them resume their livelihood activities. The loans are provided at a subsidized rate of interest, making it easier for the street vendors to repay the loans.
Statement 2: Both the street vendors in urban and rural areas are covered.
The second statement is incorrect. The PM SVANidhi scheme only covers street vendors in urban areas. It does not include street vendors in rural areas. The scheme is targeted towards urban street vendors who have been impacted by the lockdown measures and need financial assistance to restart their businesses.
Statement 3: Those who are repaying the loan on time or earlier are eligible for an incentive.
The third statement is correct. The PM SVANidhi scheme provides an incentive to street vendors who repay their loans on time or earlier. The vendors who repay their loans promptly are eligible for an interest subsidy of 7% per annum. This acts as an incentive for the vendors to repay their loans on time and helps in reducing the burden of interest payments.
Therefore, the correct answer is option B) 2 and 3 only.
The first statement is correct. The PM SVANidhi (Pradhan Mantri Street Vendor's AtmaNirbhar Nidhi) scheme was launched to provide financial support to street vendors who were affected by the lockdown imposed due to the COVID-19 pandemic. It aims to provide working capital loans of up to Rs. 100,000 to street vendors to help them resume their livelihood activities. The loans are provided at a subsidized rate of interest, making it easier for the street vendors to repay the loans.
Statement 2: Both the street vendors in urban and rural areas are covered.
The second statement is incorrect. The PM SVANidhi scheme only covers street vendors in urban areas. It does not include street vendors in rural areas. The scheme is targeted towards urban street vendors who have been impacted by the lockdown measures and need financial assistance to restart their businesses.
Statement 3: Those who are repaying the loan on time or earlier are eligible for an incentive.
The third statement is correct. The PM SVANidhi scheme provides an incentive to street vendors who repay their loans on time or earlier. The vendors who repay their loans promptly are eligible for an interest subsidy of 7% per annum. This acts as an incentive for the vendors to repay their loans on time and helps in reducing the burden of interest payments.
Therefore, the correct answer is option B) 2 and 3 only.
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Consider the following statements regarding the newly launched PM SVANidhi scheme:1. It aims to facilitate working capital loan up to Rs. 100,000 at subsidized rate of interest to street vendors for resuming their livelihoods activities, after easing of lockdown.2. Both the street vendors in urban and rural areas are covered.3. Those who are repaying the loan on time or earlier are eligible for an incentive.Which of the statements given above is/are correct?a)1 and 3 onlyb)2 and 3 onlyc)1 and 2 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer?
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Consider the following statements regarding the newly launched PM SVANidhi scheme:1. It aims to facilitate working capital loan up to Rs. 100,000 at subsidized rate of interest to street vendors for resuming their livelihoods activities, after easing of lockdown.2. Both the street vendors in urban and rural areas are covered.3. Those who are repaying the loan on time or earlier are eligible for an incentive.Which of the statements given above is/are correct?a)1 and 3 onlyb)2 and 3 onlyc)1 and 2 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding the newly launched PM SVANidhi scheme:1. It aims to facilitate working capital loan up to Rs. 100,000 at subsidized rate of interest to street vendors for resuming their livelihoods activities, after easing of lockdown.2. Both the street vendors in urban and rural areas are covered.3. Those who are repaying the loan on time or earlier are eligible for an incentive.Which of the statements given above is/are correct?a)1 and 3 onlyb)2 and 3 onlyc)1 and 2 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding the newly launched PM SVANidhi scheme:1. It aims to facilitate working capital loan up to Rs. 100,000 at subsidized rate of interest to street vendors for resuming their livelihoods activities, after easing of lockdown.2. Both the street vendors in urban and rural areas are covered.3. Those who are repaying the loan on time or earlier are eligible for an incentive.Which of the statements given above is/are correct?a)1 and 3 onlyb)2 and 3 onlyc)1 and 2 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer?.
Consider the following statements regarding the newly launched PM SVANidhi scheme:1. It aims to facilitate working capital loan up to Rs. 100,000 at subsidized rate of interest to street vendors for resuming their livelihoods activities, after easing of lockdown.2. Both the street vendors in urban and rural areas are covered.3. Those who are repaying the loan on time or earlier are eligible for an incentive.Which of the statements given above is/are correct?a)1 and 3 onlyb)2 and 3 onlyc)1 and 2 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding the newly launched PM SVANidhi scheme:1. It aims to facilitate working capital loan up to Rs. 100,000 at subsidized rate of interest to street vendors for resuming their livelihoods activities, after easing of lockdown.2. Both the street vendors in urban and rural areas are covered.3. Those who are repaying the loan on time or earlier are eligible for an incentive.Which of the statements given above is/are correct?a)1 and 3 onlyb)2 and 3 onlyc)1 and 2 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding the newly launched PM SVANidhi scheme:1. It aims to facilitate working capital loan up to Rs. 100,000 at subsidized rate of interest to street vendors for resuming their livelihoods activities, after easing of lockdown.2. Both the street vendors in urban and rural areas are covered.3. Those who are repaying the loan on time or earlier are eligible for an incentive.Which of the statements given above is/are correct?a)1 and 3 onlyb)2 and 3 onlyc)1 and 2 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer?.
Solutions for Consider the following statements regarding the newly launched PM SVANidhi scheme:1. It aims to facilitate working capital loan up to Rs. 100,000 at subsidized rate of interest to street vendors for resuming their livelihoods activities, after easing of lockdown.2. Both the street vendors in urban and rural areas are covered.3. Those who are repaying the loan on time or earlier are eligible for an incentive.Which of the statements given above is/are correct?a)1 and 3 onlyb)2 and 3 onlyc)1 and 2 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for UPSC.
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ample number of questions to practice Consider the following statements regarding the newly launched PM SVANidhi scheme:1. It aims to facilitate working capital loan up to Rs. 100,000 at subsidized rate of interest to street vendors for resuming their livelihoods activities, after easing of lockdown.2. Both the street vendors in urban and rural areas are covered.3. Those who are repaying the loan on time or earlier are eligible for an incentive.Which of the statements given above is/are correct?a)1 and 3 onlyb)2 and 3 onlyc)1 and 2 onlyd)1, 2 and 3Correct answer is option 'B'. Can you explain this answer? tests, examples and also practice UPSC tests.
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