PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi)
- The PM Street Vendor’s Atma Nirbhar Nidhi (SVANidhi) Scheme was launched in June 2020 as a Micro-Credit facility which aims to empower street vendors to recover losses incurred as a result of the COVID-19 pandemic.
- It has been established under the aegis of the Ministry of Housing and Urban Affairs (MoHUA)
- Key Objectives of the PM SVANidhi Scheme are:
- Facilitating working capital loans upto INR 10,000
- Incentivising regular repayment of loans by offering an interest subsidy of 7% per annum. This subsidy will be credited back on a quarterly basis.
- Rewarding digital transactions with monthly cash back offers.
2 ELIGIBILITY CRITERIA
- The Scheme is available to beneficiaries from States/UTs which have notified rules and guidelines under the Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014
- Eligibility of Beneficiaries:
Street Vendors who were active in urban areas on or before 24 March 2020 are eligible for the scheme. Eligible vendors will be identified based on the below-mentioned criteria:
- Possession of Certificate of Vending / Identity Card issued by Urban Local Bodies (ULBs)
- Identification in the survey but not in possession of Certificate of Vending / Identity Card.1
- Possession of Letter of Recommendation by Urban Local Body (ULB) / Town Vending Committee (TVC)
- Launched with a vision of supporting a particularly vulnerable population at risk due to widespread movement restrictions, the Scheme has led to a significant impact.
- 33.6 Lakh loan applications have been received so far. Of these, >17.3 Lakh loans have been sanctioned and >12.7 Lakh loans disbursed.
- Effective delivery of the Scheme was ensured by the development of a comprehensive capacity building plan that targeted various stakeholders and digital payment aggregators.
- The capacity building plan was complemented by branding and communication activities that reinforced the intended impact of the Scheme.
4 Boost to Digital Infrastructure
- The PM SVANidhi Scheme aimed to provide impetus to halted economic activities among street vendors – a specific category of population affected by pandemic restrictions.
- By increasing the degree of formalization among street vendors, the Scheme hoped to ensure social and financial opportunities for them – allowing upward social and economic mobility.
CLICK HERE TO REGISTER FOR THE SCHEME