Source: BS
Context:
The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the extension and revamp of the Prime Minister Street Vendors AtmaNirbhar Nidhi (PM SVANidhi) scheme till March 31, 2030, with an outlay of â‚ą7,332 crore.
Key Features of the Revamped Scheme:
- Enhanced Loan Limits:
- 1st tranche increased from â‚ą10,000 to â‚ą15,000
- 2nd tranche increased from â‚ą20,000 to â‚ą25,000
- 3rd tranche remains â‚ą50,000
- Digital Integration:
- UPI-linked RuPay Credit Cards for beneficiaries after successful repayment of the second loan.
- Cashback incentives of up to â‚ą1,600 on retail and wholesale digital transactions.
- Expanded Coverage:
- Now includes census towns and peri-urban areas, beyond statutory towns.
- Capacity Building & Support:
- Focus on entrepreneurship, financial literacy, digital skills, and marketing.
- Street food vendors to receive FSSAI-certified hygiene and food safety training.
- SVANidhi se Samriddhi component to be strengthened with monthly Lok Kalyan Melas for saturation of other government welfare schemes.
PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme
- Launched on June 1, 2020 by the Ministry of Housing and Urban Affairs (MoHUA).
- Part of the Atmanirbhar Bharat Abhiyan.
- Introduced to support street vendors affected by COVID-19, enabling them to restart and sustain their businesses.
About the Scheme:
- A micro-credit facility designed to provide affordable working capital to street vendors.
- Provides collateral-free loans in multiple phases:
- 1st loan: up to â‚ą10,000.
- 2nd loan: up to â‚ą20,000.
- 3rd loan: up to â‚ą50,000.
- Includes incentives for digital transactions and timely repayment.
- Promotes formalization of street vendors into the banking and digital ecosystem.
