The PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) completes One Year of Launch

GG News Bureau
New Delhi, 1st June. The PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) launched by the Ministry of Housing and Urban Affairs on June 01, 2020, has completed its one year of Launch. The scheme was launched for providing affordable Working Capital loan to street vendors to resume their livelihoods that have been adversely affected due to Covid-19 lockdown. Street vendors were given working capital loans to revive their business. The scheme has been a roaring success said the Ministry officials. So far, 41,90,310 applications have been received from across India. Out of these, 24,21,019 applications have been sanctioned and of these, 20,64,030 loan applications disbursed.
The PM SVANidhi scheme was for beneficiaries belonging to only those states and Union territories which have notified rules and scheme under the Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014. The Scheme was available to all street vendors from urban areas who were selling products on or before March 24, 2020. The tenure of the scheme is up to March 2022.
The salient features of the scheme are, Initial working capital of up to Rs. 10,000, Interest subsidy on timely or early repayment at the rate of 7%, Monthly cash-back incentive on digital transactions, Higher loan eligibility on timely repayment of the first loan. The Scheduled Commercial Banks, Regional Rural Banks, Small Finance Banks, Cooperative Banks, Non-Banking Financial Companies6- Micro-Finance Institutions and SHG Banks were assigned to distribute the loans. To apply for the loan, one needs to have an identity card or vending certificate.