PM SVANidhi SCHEME

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Context - The Cabinet Committee on Economic Affairs has approved the continuation of Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi).

Details

• The Cabinet Committee on Economic Affairs has approved the continuation of Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) from March 2022 to December 2024.
• The main objective of the programme is to enhance collateral-free affordable loans for the socio-economic development of the Street Vendors and their families.
• As of 25th April 2022, 31.9 lakh loans have been sanctioned and 29.6 lakh loans amounting to Rs. 2,931 crore have been disbursed.

About PM SVANidhi

• The Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) was launched by the Ministry of Housing and Urban Affairs in June 2020. 
• The main objective of the scheme is to provide affordable Working Capital loans to street vendors to restart their livelihoods that have been adversely affected due to the Covid-19 lockdown.
• Vendors can avail of a working capital loan of up to Rs. 10,000, which is repayable in monthly installments in the tenure of one year.
• On timely/ early repayment of the loan, an interest subsidy at the rate of 7% per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer quarterly.
• There will be no penalty for early repayment of the loan.
• The scheme promotes digital transactions through cashback incentives up to an amount of Rs. 100 per month.
• The vendors can avail of the facility of escalation of the credit limit on timely/ early repayment of loans.
• According to the scheme guidelines, a vendor is any person engaged in vending articles, goods, wares, food items or merchandise of daily use or offering services to the public in a street, footpath, pavement etc., 
• To avail of the loan, a vendor should: Possess a Certificate of Vending / Identity Card issued by Urban Local Bodies (ULBs). 
• KYC document needed: Aadhar Card / Voter’s Identity Card / Driving License / MGNREGA Card / PAN Card.  
• PM SVANidhi beneficiaries and their families are also eligible for other welfare schemes;
  • Pradhan Mantri Jeevan Jyoti Bima Yojana.
  • PM Suraksha Bima Yojana.
  • Pradhan Mantri Jan Dhan Yojana.
  • Registration under Building and Other Constructions Workers (Regulation of Employment and Conditions of Service) Act (BOCW).
  • Pradhan Mantri Shram Yogi Maandhan Yojana.
  • National Food Security Act (NFSA) portability benefit – One Nation One Ration Card (ONORC).
  • Janani Suraksha Yojana.
  • Pradhan Mantri Matru Vandana Yojana (PMMVY).
• Quality Council of India (QCI) is the implementing partner for the programme.

https://www.pib.gov.in/PressReleasePage.aspx?PRID=1820509