Utilization of PM Street Vendor's AtmaNirbhar Nidhi (PMSVANidhi) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) by the Urban Informal Sector

Introduction: PMSVAnidhi and PM Jeevan Jyoti Bima Yojana are two schemes which were designed to help improve the quality of the lives of the people working in urban informal sectors. The COVID-19 has had a huge impact on everyone’s daily life including the urban informal sector employees, but these schemes when found to have been implemented in a disastrous situation like this, was found to be rather disadvantageous due to some loopholes and lacunae in the designing of the scheme, rendering them useless to its beneficiaries.

Objectives: This study will evaluate the government-aided programs created to help people in the urban informal sector during the COVID-19 pandemic, and see how well they've been beneficial to the people. It was also intended to find further slits in the designs and its implementation by the authorities, other than already the existing ones.

Methodology: This study was conducted mainly through secondary literature sources such as review and research paper, electronic journals, etc.

Findings: In case of PMSVAnidhi, it was found that due to inadequate information on registration forms or a lack of knowledge, registration declined in several states, and public sector banks dispersed maximum loans, with private sector, rural, and cooperative banks contributing the most meager figures. At the same time due to people not obtaining claims and people receiving low rates, PMJJBY enrollments decreased every year. Thus, this study has shown that these schemes aren’t always fool-proof and these loopholes tend to be misused and deleterious in unfavorable times where these schemes can really help its beneficiaries.