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- Context (PIB I BS): The Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme has achieved a milestone of extending support to more than 50 lakh street vendors.
- PM SVANidhi is a Central Sector Scheme, i.e., fully funded by the Ministry of Housing and Urban Affairs (MoHUA).
- The scheme has the following objectives:
- To facilitate working capital loans up to Rs. 10,000
- To incentivise regular repayment; and
- To reward digital transactions
- The Scheme is available for beneficiaries belonging to only those States/UTs that have notified Rules and Scheme under the Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014.
- Vendors can avail a working capital loan of up to Rs. 10,000, which is repayable in monthly instalments in the tenure of one year.
- On timely/early loan repayment, an interest subsidy @ 7% per annum will be credited to beneficiaries’ bank accounts through Direct Benefit Transfer every quarter.
- There will be no penalty on early repayment of the loan.
- The scheme promotes digital transactions through monthly cash-back of up to Rs. 100.
- The vendors can avail the facility of escalation of the credit limit on timely/early repayment.
- It is Implemented by the Small Industries Development Bank of India (SIDBI).
Small Industries Development Bank of India (SIDBI)