The Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) is a micro-credit scheme launched by the Government of India on 1 June 2020, under the Ministry of Housing and Urban Affairs (MoHUA). It aims to empower and support street vendors who were adversely affected by the COVID-19 pandemic, by providing them access to affordable working capital loans to help them revive their livelihoods.

Benefits The primary objectives of the PM SVANidhi Scheme include:

Financial Assistance: Providing working capital loans of up to ₹10,000 for an initial tenure of 12 months. Interest Subsidy: Offering a 7% annual interest subsidy on timely or early repayment of the loan. Digital Inclusion: Encouraging digital transactions among street vendors by providing cash-back incentives for using digital payment methods. Capacity Building: Promoting financial literacy and digital literacy among street vendors.

Eligibility The following individuals are eligible for the PM SVANidhi Scheme:

Street Vendors: Any street vendor engaged in vending prior to 24 March 2020, as identified in the survey conducted by Urban Local Bodies (ULBs). Identification Requirement: Possession of a Certificate of Vending or a Letter of Recommendation from the ULB or Town Vending Committee. Coverage: The scheme is applicable to street vendors in both urban and peri-urban areas across India.

Features

Loan Tenure and Amount: The initial loan provided under the scheme is ₹10,000 for a 1-year period. Upon successful repayment, vendors are eligible for an enhanced loan of up to ₹20,000 and subsequently ₹50,000 in the third cycle. Interest Subsidy: A 7% annual subsidy is credited directly into the beneficiary’s bank account. The subsidy is available only for timely repayment of the loan. Digital Transactions: Vendors can earn cash-backs of ₹50 to ₹100 per month for conducting digital transactions using prescribed platforms such as BHIM UPI, Paytm, Google Pay, etc. Implementation: The scheme is implemented through a combination of ULBs, lending institutions, and digital payment aggregators. A dedicated PM SVANidhi Portal facilitates registration, application, and monitoring

See also

Ministry of Housing and Urban Affairs Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014

References