PM SVANidhi achieves target of covering 50 Lakh Street Vendors

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The Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme, an initiative under the aegis of the Ministry of Housing and Urban Affairs (MoHUA), has achieved a momentous milestone by extending its support to more than 50 lakh street vendors across the nation. Street vendors have long played an integral role in the urban informal economy, providing essential goods and services to urban residents. The PM SVANidhi scheme has been instrumental in bringing them into the formal economic fold, presenting fresh avenues for upward mobility.

The PM Street Vendor’s AtmaNirbharNidhi (PM SVANidhi) Scheme, launched on June 1, 2020, is a micro credit scheme for urban street vendors that aims to provide collateral-free working capital loans up to 50,000. Under the scheme regular repayments are incentivized with a 7% interest subsidy and digital transactions are rewarded with cashback up to 1,200 per year. The scheme employs Aadhaar-based e-KYC, utilizes an end-to-end IT platform, and employs SMS-based notifications for application status updates. All lending institutions, including NBFCs/MFIs and DPAs, have partnered with the aim to alleviate urban poverty in India.

PM hails landmark of 50 lakh beneficiaries of PMSVANidhi Scheme
The Prime Minister, Shri Narendra Modi has hailed the landmark of 50 lakh beneficiaries of PMSVANidhi Scheme. The Prime Minister underlined that PMSVANidhi has not only made the lives of street vendors easier but has also given them an opportunity to live with dignity.