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Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi)

  • 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
PM SVANidhi
  • 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)

  • SIDBI is set by an Act of Parliament as the Principal Financial Institution for the Promotion, Financing and Development of the MSME sector or similar activities.
  • It is under the jurisdiction of the Ministry of Finance.
  • The SIDBI was established in 1990 by the GoI as a wholly-owned subsidiary of IDBI Bank.
  • It was delinked from IDBI w.e.f. March 27, 2000.
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