Direction: In the question given below, a passage is given followed by some statements. Read the passage and answer the following question.

The government established the PM Street Vendor’s Atma Nirbhar Nidhi (PM Svanidhi) initiative in June 2020 to give financing for working capital to street vendors. Under this program, street vendors can get Rs. 10,000/- loans with low-interest rates for a period of one year. The lockdowns caused by the COVID-19 pandemic affected everyone’s livelihoods, particularly those of street vendors. They typically have a moderate capital basis and their savings and capital base would have been consumed during the lockdown. Street vendors play an essential role in the city’s informal economy by ensuring that city people have access to services and goods at reasonable prices. As a result, there was an immediate need to supply them with loans for working capital so that they could restart their business.

Which of the following statement is not true according to the passage?

I) It is a state government-backed initiative, which means it is directly funded by the central ministries.

II) They can initially receive collateral-free loans up to $10,000.

III) The interest rate for this scheme is 2%.

IV) This scheme was launched in March 2020.

V) This scheme helps the street vendor to restart their business.