• UGI USER
  • Oct 25, 2023
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PM SVANidhi

Why in the news?

  • The SBI research report finds that 75 percent of scheme beneficiaries belong to non-general categories, with 44 percent being from Other Backward Classes (OBCs).
  • Scheduled Castes and Scheduled Tribes make up 22 percent of the total disbursement under the PM SVANidhi scheme.
  • Women account for 43 percent of the total beneficiaries, signifying empowerment of urban females and gender equality.

PM SVANidhi

The Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi (PMSVANidhi) scheme is a flagship initiative by the Government of India aimed at supporting street vendors, a vulnerable section of the urban population. It provides them with financial assistance and empowerment opportunities.

  • Its is a Central Sector Scheme.
  • Fully funded by the Ministry of Housing and Urban Affairs.
  • Financial Support: Street vendors can avail a working capital loan of up to Rs. 10,000, repayable in monthly instalments.
  • Eligibility: Street vendors who have been vending before or on March 24, 2020, are eligible for the scheme.
  • Digital Technology: The scheme promotes digital transactions, encouraging vendors to accept digital payments for their services.
  • Microfinance Institutions, NBFCs , SHGs are eligible for lending under this scheme.
  • Collateral-Free: The scheme is collateral-free, making it accessible to a wide range of vendors.
  • Rebate for Timely Payments: Regular repayment is incentivized, with a 7% rebate on interest for those who repay on time.
  • Eligible States and UTs: The Scheme is available for beneficiaries belonging to only those States/UTs which have notified Rules and Scheme under Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014.

Key Points

  • Over 53 lakh street vendors benefited.
  • More than 65 percent of borrowers fall within the 26-45 age group.