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

In News 

• Recently, the Cabinet Committee on Economic Affairs approved the continuation of lending under the PM SVANidhi beyond March 2022 till December 2024.
  • The extension would assist in institutionalising the access to formal credit channels, provide an assured source of credit to help them plan their business expansion
  • Increasing the adoption of digital transactions, reducing the impact of potential NPAs on the Lending Institutions and providing holistic socio-economic upliftment for the Street Vendors and their families. 

About PM SVANidhi

• The scheme is a Central Sector Scheme .
• It is  fully funded by Ministry of Housing and Urban Affairs with the following objectives: 
  •  To facilitate working capital loan up to  10,000 at subsidized rate of interest
  • To incentivize regular repayment of loan
  •  To reward digital transactions

• It aims to focus on enhanced collateral free affordable loan corpus, increased adoption of digital transactions and holistic socio-economic development of the Street Vendors and their families. 
• The scheme will help formalize the street vendors with above objectives and will open up new opportunities to this sector to move up the economic ladder.
• Eligibility of States/UTs
  • The Scheme is available for beneficiaries belonging to only those States/UTs which have notified Rules and Scheme under Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014.
    • Beneficiaries from Meghalaya, which has its own State Street Vendors Act may, however, participate.

Source:PIB