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PM SVANidhi

Prime Minister SVANidhi stands for Prime Minister Street Vendor’s AtmaNirbhar Nidhi. It is a government scheme that provides microcredit facilities to street vendors. It was launched in June 2020.

Facts about PM SVANidhi

Full-Form of PM SVANidhi - Prime Minister Street Vendor’s Atmanirbhar Nidhi

Launch Date - 1st June 2020

Government ministry - Ministry of Housing and Urban Affairs (MOHUA)

Target Beneficiary  

1 Street Vendor or hawkers in urban areas 

2 Street Vendors in peri-urban areas 

3 Street Vendors in Rural areas 

Mandatory Documents to Access Benefits 

1 Aadhar Card

2 Voter Identity Card

Tenure of the scheme - June 2020 – March 2022 later extended till December 2024

Direct Link to avail of the benefits under the PM SVANidhi - https://pmsvanidhi.mohua.gov.in/

Salient Features of PM SVANidhi

1. It is a central sector scheme

2. It will provide affordable working capital loans to street vendors, who are left affected by the novel coronavirus pandemic.

3. Initially it was implemented till March 2022 then extended till December 2024.

4. Vendors will be provided with an initial working capital of up to Rs. 10000.

5. A vendor will get an interest subsidy at 7 percent at early or timely repayment of loans.

6. There is a provision for a monthly cash-back incentive on digital payments. Monthly cashback in the range of Rs. 50-100.

7. A vendor has a high probability to be eligible for a higher loan if he/she repays the first loan on time.

8. A vendor does not have to provide collateral security to access the loan.

Objectives of PM SVANidhi

1. To give vendors access to affordable working capital loans which can help them to resume their livelihood activities post-countrywide lockdown (due to the pandemic.)

2. To incentivize regular repayment of loans by provisions like cash-back, higher loans on subsequent demands, etc.

3. To promote digitalization by rewarding vendors who opt for digital repayments of loans.

Background of the Scheme

The COVID-19 pandemic and consequent lockdowns have adversely impacted the livelihoods of street vendors.

They usually work with a small capital base, which they might have consumed during the lockdown.

Therefore, credit for working capital to street vendors will be helpful to resume their livelihoods.

Lending Institutions under PM SVANidhi

1. Scheduled Commercial Banks

2. Regional Rural Banks

3. Cooperative Banks

4. Non-Banking Financial Companies

5. Micro-Finance Institutions

6. Self-Help Groups (SHG) Banks

Eligibility of States/UTs

The Scheme is available for beneficiaries belonging to only those States/UTs which have notified Rules and Scheme under the 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.

Implementation Partner

Small Industries Development Bank of India (SIDBI) will be the implementation partner of the Ministry of Housing and Urban Affairs for scheme administration.

SIDBI will leverage the network of lending Institutions including the SCBs, RRBs, SFBs, Cooperative Banks, NBFCs & MFIs for scheme implementation.

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For more Information visit: PM Svanidhi Scheme