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- Recently, the Cabinet Committee on Economic Affairs approved the continuation of lending under the PM SVANidhi beyond March 2022 till December 2024.
- The extension would assist in institutionalising the access to formal credit channels, provide an assured source of credit to help them plan their business expansion
- Increasing the adoption of digital transactions, reducing the impact of potential NPAs on the Lending Institutions and providing holistic socio-economic upliftment for the Street Vendors and their families.
About PM SVANidhi
- The scheme is a Central Sector Scheme .
- It is fully funded by Ministry of Housing and Urban Affairs with the following objectives:
- To facilitate working capital loan up to 10,000 at subsidized rate of interest
- To incentivize regular repayment of loan
- To reward digital transactions
- It aims to focus on enhanced collateral free affordable loan corpus, increased adoption of digital transactions and holistic socio-economic development of the Street Vendors and their families.
- The scheme will help formalize the street vendors with above objectives and will open up new opportunities to this sector to move up the economic ladder.
- Eligibility of States/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.
- Beneficiaries from Meghalaya, which has its own State Street Vendors Act may, however, participate.
- 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.
Source:PIB
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