Ministry of Housing and Urban Affairs on June 01, 2020, launched Prime Minister Street Vendor’s Amta Nirbhar Nidhi Scheme (PM SVANidhi). Minister of State (I/C) for Housing and Urban Affairs Shri Hardeep Singh Puri stated in Rajya Sabha that Prime Minister Street Vendor’s Amta Nirbhar Nidhi Scheme (PM SVANidhi) was launched on June 1,2020. He said, it aims at facilitating collateral free working capital loans upto Rs 10,000 of 1 year tenure, to about 50 lakh street vendors across the country.
It also provides for incentives in the form of interest subsidy @ 7% per annum on regular repayment of loan and cash-back upto Rs. 100 per month on undertaking prescribed digital transactions. Further, on timely or early repayment, the vendors will be eligible for the next cycle of working capital loan with an enhanced limit.
For the purpose of scheme administration, an end-to-end solution through an IT platform has been developed in collaboration with Small Industries Development Bank of India (SIDBI). The loan processing under the Scheme has commenced on July 02, 2020. The approved outlay for PM SVANidhi scheme is Rs.600.00 crores.