PM SVANIDHI SCHEME

Current Context : The Union Cabinet approved the restructuring and extension of the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme beyond 31 December 2024.

About PM SVANidhi Scheme

• Launch: 1 June 2020.
• Objective: Provide working capital loans to street vendors affected by COVID-19.
• Implementing Agencies:
  • Ministry of Housing & Urban Affairs (MoHUA).
  • Department of Financial Services (DFS) facilitates credit through banks.

Key Features of Restructured Scheme

• Coverage Expansion: From statutory towns to census towns and peri-urban areas.
• Enhanced Loan Tranches:
  • 1st tranche: ₹15,000 (earlier ₹10,000).
  • 2nd tranche: ₹25,000 (earlier ₹20,000).
  • 3rd tranche: ₹50,000 (unchanged).
• Digital Boost:
  • UPI-linked RuPay Credit Card for immediate credit access.
  • Cashback incentives up to ₹1,600 for digital transactions.
• Capacity Building:
  • Entrepreneurship, financial literacy, digital skills, marketing.
  • Food safety training for street vendors (with FSSAI).
• ‘SVANidhi se Samriddhi’: Strengthened through monthly Lok Kalyan Melas.