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Question

The Central Government has launched PM SVANidhi App recently. It aims to provide a user-friendly digital interface for lending institutions (LIs) and their field functionaries for sourcing and processing loan applications of street vendors under the scheme. "PM SVANidhi Mobile App is a step towards boosting the use of digital technology and will enable field functionaries of LIs like Banking Correspondents (BCs) and Agents of Non-Banking Financial Companies (NBFCs)/ Micro-Finance Institutions (MFIs), who have proximity with the street vendors, to ensure maximum coverage of the Scheme. It is believed that launch of Mobile App will give impetus to the implementation strategy of the Scheme besides promoting paper-less digital accessing of micro-credit facilities by the Street Vendors," the government said in a statement after the launch. The app can be downloaded from the Google Play store for use by the LIs and their field functionaries. Since the commencement of lending process under PM SVANidhi, more than 1,54,000 Street Vendors have applied for working capital loan across States/ UTs and out of which over 48,000 have already been sanctioned. (Source- Timesnow)

The PM SVANidhi Scheme comes under which Ministry?

A Ministry of Housing and Urban Affairs Correct Answer Incorrect Answer
B Ministry of Rural Development Correct Answer Incorrect Answer
C Ministry of Micro, Small and Medium Enterprises Correct Answer Incorrect Answer
D Ministry of Skill Development and Entrepreneurship Correct Answer Incorrect Answer
E None of the above Correct Answer Incorrect Answer

Solution

The Ministry of Housing and Urban Affairs (MoHUA) has launched Pradhan Mantri Street Vendor's Atma Nirbhar Nidhi (PM SVANidhi), for providing affordable loans to street vendors.

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