Pradhan Mantri Street Vendor's AtmaNirbhar Nidhi Scheme launched

Pradhan Mantri Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) Scheme was launched through Common Service Centres (CSCs) today.

The scheme is a Central Sector Scheme with full funding from Ministry of Housing and Urban Affairs with the objectives of facilitating working capital loan up to Rs 10,000, to incentivize regular repayment and to reward digital transactions.

The scheme intends to formalize street vendors with above objectives and will open up new opportunities in this sector to move up the economic ladder.

While inaugurating the program, Sanjay Kumar, Joint Secretary, Ministry of Housing and Urban Affairs said, “Under this program, urban street vendors will be eligible to avail a Working Capital loan of up to Rs 10,000 with tenure of 1 year and repaid in monthly installments. For this loan, no collateral will be taken by the lending institutions."

He added, “We have also launched the mobile application of PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme.

The app aims to provide a user friendly digital interface for Lending Institutions (LIs) and their field functionaries for sourcing and processing loan applications of street vendors under the scheme.

"CSCs can do wonderful job in taking care of vendor community under this scheme. We will also help banks to provide loans to these small vendors. Digital Financial Transaction is also our objective. Enabling the vendor for applying loan and Digital transaction will be done by CSCs,” said. Dinesh Tyagi, CEO, Common Service Centre.

CSC, a special purpose vehicle under the Union Ministry of Electronics and IT to deliver government services to the door step of common man.