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Post at: Jan 14 2022

Main Bhi Digital 3.0

Why in News 

  • On 9 december, 2021, the Ministry of Housing and Urban Affairs (MoHUA) and Ministry of Electronics & Information Technology (MeitY) launched 'Main Bhi Digital 3.0' Campaign under PM SVANidhi Scheme (Prime Minister Street Vendor’s Atma Nirbhar NidhiScheme).

About 

  • It is an Integrated IT Platform developed for implementation of PM SVANidhi Scheme.
  • It is a special Campaign for Digital Onboarding and Training (DOaT) for Street Vendors (SVs).
  • It is aimed at digital onboarding of SVs who have already been provided loans under PM SVANidhi Scheme.

Aim 

  • Main Bhi Digital 3.0" campaign is aimed at digital onboarding of Street Vendors (SVs)who have already been provided loans under PM SVANidhi Scheme.
  • To promote digital literacy.
  • Digital infrastructure as Utility to Every Citizen.

About  PM SVANidhi Scheme ( Prime Minister Street Vendor’s AtmaNirbhar Nidhi) Scheme

  • PM SVANidhi is a Central Sector Scheme (launched on 1 June, 2020).
  • It is a special micro-credit facility plan to provide affordable loan of up to ₹10,000 to more than 50 lakh street vendors, who had their businesses operational on or before 24 March 2020.
  • The scheme is valid until March 2022.
  • Small Industries Development Bank of India (SIDBI) is the technical partner for implementation of this scheme.
  • It will manage the credit guarantee to the lending institutions through Credit Guarantee Fund Trust for Micro and Small Enterprises.

Features

  • The vendors can avail a working capital loan of up to Rs. 10,000, which is repayable in monthly installments in the tenure of one year.
    • On timely/early repayment of the loan, an interest subsidy of 7% per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer on a quarterly basis.

Need for Scheme

  • The lockdown has affected the lives and livelihoods of  daily wagers including street vendors whose businesses were affected due to the restrictions.
  • Street vendors usually work with a small capital base taken on very high interest rates from informal sources. Further, they might have consumed their savings and high cost capital during the lockdown.
  • Therefore, there is an urgent need to provide affordable credit for working capital through formal banking channels to street vendors to help them resume the business.

Challenges

  • Several banks are seeking applications on stamp papers worth between Rs. 100 and Rs. 500.
    • There have also been instances of banks seeking PAN cards and even checking the CIBIL or Credit score of applicants or state authorities asking for voter ID cards, which many migrant vendors do not carry with them.

Other Initiatives for Street Vendors

  • Pradhan Mantri Jeevan Jyoti Bima Yojana.
  • Pradhan Mantri Suraksha Bima Yojana.
  • Jan-Dhan Yojana.
  • Building and Other Construction Workers Act 1996.
  • Pradhan Mantri Shram Yogi Maandhan Yojana.
  • Pradhan Mantri Matru Vandana Yojana.

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