PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi): Do you know what is PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi)? What is the purpose of PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi)? If you don’t then this post is for you. We have collected everything for you in one place. If you already know then use this post as a quick revision.
PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi)
Purpose of the scheme: PM SVANidhi (PM स्वनिधि ) aims for providing affordable loans to street vendors. It is a scheme for micro credit facility to street vendors.
Total Outlay: Rs. 600.00 crores
Loan amount: Upto Rs 10,000
Launched by: Ministry of Housing and Urban Affairs.
A detailed description of the scheme
Objectives of PM SVANidhi Scheme:
The scheme is fully funded by Ministry of Housing and Urban Affairs and has three main objectives:
- To provide working capital loan up to Rs. 10,000 at subsidized rate of interest of 7% to street vendors ( to be repaid in 1 year in 12 EMIs). No collateral will be taken by the lending institutions.
- To incentivize regular repayment of the loan by way of providing interest subsidy (@7%), and
- To reward digital transactions. Vendors would be incentivised with a monthly cashback in the range of Rs. 50 – Rs. 100 for using digital platforms like PayTM, GooglePay etc where minimum transaction amount should be Rs. 25.
Beneficiary of the Scheme– Street vendors or hawkers vending in urban areas, as on or before March 24, 2020. (including the vendors of surrounding peri-urban and rural areas. )
Tenure of the Scheme– The Scheme will be implemented up to March, 2022.
Who will provide loans to street vendors?– Scheduled Commercial Banks, Regional Rural Banks, Small Finance Banks, Cooperative Banks, Non-Banking Financial Companies, Micro-Finance Institutions and SHG Banks.