Ministry Of Housing And Urban Affairs (MoHUA) launched PM Street Vendor’s Atmanirbhar Nidhi (PM SVANidhi) Scheme on June 01, 2020, to facilitate collateral-free working capital loans up to Rs 10,000 of 1-year tenure to street vendors to restart their businesses, which were adversely impacted during the COVID-19 pandemic.
The scheme provides incentives in the form of interest subsidy @ 7% per annum on regular repayment of loans and cash-back up to Rs 100 per month on undertaking prescribed digital transactions. Further, on timely or early repayment, the vendors are eligible for an enhanced working capital loan of Rs 20,000 and Rs 50,000 respectively during the next cycle.
Later, the ‘SVANidhi Se Samriddhi’ initiative, designed to build a safety net for the beneficiaries’ families by linking them to the existing 8 socio-economic welfare schemes of the Government Of India was added to the scheme. It was launched in 125 Urban local bodies (ULBs) in the first phase on 4th January 2021 and extended to 126 ULBs on 12th April 2022.
The Scheme also facilitates the onboarding of beneficiary Street Food Vendors to e-commerce platforms to serve their customers online.
33.37 Lakh Loans amounting to Rs 3,621 crores have been disbursed across the country till July 12, 2022.
An amount of Rs 54.42 crores and Rs 12.94 crores have been paid as interest subsidy and cashback respectively till July 12, 2022.
As on July 12, 2022, socio-economic profiling of 28.68 lakh beneficiaries and their family members has been completed and 25.80 lakh scheme sanctions have been facilitated.
9,198 Street Vendors have been on-boarded on the e-commerce platforms till July 12, 2022.