BENEFITS OF JOINING NASVI
The benefits of joining NASVI –
- Joining NASVI helps in staying updated about all the information pertaining to the street vendors – their rights, issues, challenges and all the developmental activities undertaken for the promotion and protection of the rights of the street vendors across the country;
- For the protection of the interest of the street vendors NASVI brings in laws/ policies /programmes from time to time. Joining NASVI will help in getting aware about all such schemes and policies and getting benefited from the same;
- NASVI organizes various types of capacity building programmes among the vendors. While doing so NASVI trains the vendors and the members of the vendor’s organizations associated with NASVI in terms of their rights, duties and make them aware about the various rights and policies for the vendors. NASVI also trains the vendors as how to face the situations of harassments and how to place their complaints infront of the respective authorities;
- NASVI enables the link between the street vendors and local government /state.
- Since its inception NASVI has been organizing street vendors and building collective bargaining capacity for them. During the various stage of the collective bargaining process of the street vendors NASVI has taken up wide activities which includes campaigns for awareness creation, organizing rallies, representation before judicial and other governmental authorities, organizing conferences and round tables, and a variety of advocacy initiatives.
- NASVI helps its members during crisis situation. Where there have been cases of illegal evictions and other cases of harassments against the street vendors, NASVI takes appropriate initiatives including engaging in dialogue with the concerned authorities to ensure that the vendors are not unnecessarily harassed or evicted from their place of vending.
NASVI as an organization has always proved to be a helping platform to the street vendors in one way or the other. The organization itself was established to promote and protect the rights of the street vendors across the country. With the undying efforts of NASVI the members associated with the organization are benefited in many ways-
- NASVI is supporting the street vendor’s organizations to get organized for accessing a comprehensive microfinance operation.
- NASVI is supporting the street vendors in organizing Self Help Groups and enabling the Self Help Groups to obtain finance from Banks.
- NASVI is helping the street vendors to get the special insurance schemes to cover their products in case of loss due to natural as well as manmade disturbances.
Access to Thrift and Credit Co-operatives
In order to reduce the dependence of vendors and other self-employed poor on private moneylenders, who siphon off a large part of their incomes, NASVI has initiated the idea of forming a Credit and Thrift Cooperative Society of Street Vendors at District Level to provide qualitative Financial Services of Micro-Saving and Micro-Lending as per the accessibility of Members. The idea is to reach banking services at the vendors’ locations.
Thrift and Credit co-operatives are being promoted to mobilization of individual savings and meet out the credit needs of the members belongs to Street Vendors .Availing the facility of customized loan products being offered to co-operative Members. These co-operatives are owned and controlled by members themselves. NASVI is providing the extensive services by providing facilities of collection and withdrawal is done at their door steps.
Benefits of Thrift and Credit Co-operative Society
1. Focusing on Street Vendors who are often being neglected by financial institutions.
2. Easy access to loan. (Ornamental and Guarantor Loan)
3. Competitive interest rates with the scheduled bank
4. Flexibility in operations.
5. Fast clearance of loan.
6. High return on fixed deposits.
Helping members of open Zero –Balance Account
Promoting the financial inclusion policy of the Government of India, NASVI promotes linking of street vendors with the Banks by opening bank account and also helping them to access loans.
Accesses to Remittance Facility
Remittances are the transfer of money by migrant workers back to their family and friends staying in another country. The majority of the remittance receivers are poor individuals, thus remittance leads to better economic conditions and in many parts of India for the Indian families, the sole bread earners work abroad and hence the remittance that they receive helps them to survive. In order to make remittances more secure and transparency, we ensure to made the following information compulsory when the remittance transfer is to be made: the amount to be sent, the amount disbursed to the receiver, the fees if any paid by the sender and the receiver, the date when the remittance will be made available to the receiver and the place where the recipient will receive the remittance.
A major initiative has been working out a remittance scheme for the migrant workers of Delhi and elsewhere from Bihar. We also explored options with the Banks including Business Correspondence model of the banks. After weighing various options, our conclusion was to set up co-operatives all over the migrant prone districts for providing remittance facility. The thrift and credit co-operatives will also take care of the savings and credit needs of the members.
Self help groups– Street Vendors being a part of the unorganized sector have little or no access to credit from the formal sector financial institutions particularly for their economic activities without which they will have to depend on private moneylenders borrowing at higher interest rates. NABARD has already started refinancing banks in rural areas for on-lending to Self-Help Groups (SHGs) for income generation activities. Likewise, banks should be encouraged to extend credit to SHGs of vendors.
The main idea behind micro finance is that poor people, who can provide no collateral, should have access to some sort of financial services. Micro finance began with micro credit: the provision of small loans to very poor families especially belongs to street vendors to help them engage in productive and self-sustaining activities
NASVI supports the members in
- SHG’s formation & nurturing
- Informal training to the SHG’s,
- Facilitating SHG’s account opening,
- Book keeping at SHG’s level,
- Maintaining SHG’s credit discipline,
- Installment collection
- Collecting loan application form members,
- SHG’s rating and appraisal especially at the time of loan demand,
- Ensures opening of SHG’s Bank Account
- Act as linkage between SHGs and Bank
Insurance- Insurance is not just a privilege but also a social responsibility. The Street Vendors being a part of the unorganized sector, the vulnerability is very high. Street vendors are vulnerable to loss their goods due to natural as well as man-made disturbances that adversely hampers their economic situation. NASVI is helping the street vendors to get the special insurance schemes to cover their products.
Micro- finance– Micro pension is a unique initiative under which the pension sector joins hands with the development sector and the private sector to ensure that low-income workers save voluntarily and the money is safe. “Micro-pensions can play a key role in bridging India’s pension coverage gap in the Un-organized sector especially in Street Vendors”.
This scheme has provided a compounded annualized return of over 11.09 per cent since inception.
The Main Features of Micro-Pension-
- In this scheme people aged 18 years to 55 years can participate.
- In this scheme minimum Rs.100 and multiplied amount can be deposited monthly.
- This Monthly installment will be collected by our Staff from Members by keeping with their precious time.
- Each and every member of Scheme will receive 01 Passbook with no. along with UTI Folio No and a Passbook with complete detail of deposits.
- In this scheme, there is provision of Nominee to get benefits if undue incident happen during tenure.
- For the membership of this Scheme, Bank Account is optional and not mandatory.
- Nominal Charges for issuing Photo Pass Book of Members.
- No additional charge for withdrawal of Money after Maturity or Death.
- Fixed Charge for closing the Scheme before 55 years of Age – Respective Member.
- Easy Renewal Process without charging any fine by keeping prior information and notification through implementing agencies.
- Flexibility of Scheme-Change Option once in the starting of each financial year (Month of April).