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PM SVANidhi scheme

 

Source: TH

 Context: The Central government has launched a mobile app for street vendors to simplify the loan application process under the PM SVANidhi scheme.

  • The app aims to streamline the process and make it more accessible for vendors.
  • Additionally, the launch of the ‘Udyam’ registration certificate simplifies business registration for street vendors.

 

About PM SVANidhi Scheme:

Description
PM SVANidhi Scheme is a Central Sector Scheme launched (in 2020) as part of the Atmanirbhar Bharat Abhiyan.
ObjectiveTo provide affordable working capital loans to street vendors affected by Covid-19 lockdowns
FundingFully funded by the Ministry of Housing and Urban Affairs
Lending PeriodExtended till December 2024
Loans Offered1st loan: Up to ₹10,000; 2nd loan: Up to ₹20,000; 3rd loan: Up to ₹50,000
Interest Subsidy7% interest subsidy on loans
‘SVANidhi Se Samriddhi’ ComponentIt maps the socio-economic profile of beneficiaries and their families
EligibilityAvailable to street vendors engaged in vending in urban areas, subject to notification of rules and schemes under the Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014
SuccessThe scheme has been successful, with over 36 lakh street vendors receiving microcredits, and as of June 30, 2023.

 

Target: 42 lakh street vendors targeted to be provided benefits under PM SVANidhi Scheme by December 2024