PM SVANidhi: PM Street Vendor's AtmaNirbhar Nidhi scheme extended till this date; key things to know
PM SVANidhi: In good news for street vendors, the Central government has extended the PM SVANidhi (PM Street Vendors' AtmaNirbhar Nidhi) scheme until December 2024.
PM SVANidhi: In good news for street vendors, the Central government has extended the PM SVANidhi (PM Street Vendors' AtmaNirbhar Nidhi) scheme until December 2024. The Central Government made the decision on April 27, 2022.
The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has decided to extend the PM Street Vendor's AtmaNirbhar Nidhi scheme until December 2024.
Ministry of Housing & Urban Affairs launched a scheme called PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) to empower Street Vendors by not only extending loans to them but also for their holistic development and economic upliftment. The scheme intends to facilitate collateral-free working capital loans of up to INR10,000/- of one-year tenure to approximately 50 lakh street vendors to help resume their businesses in the urban areas, including surrounding peri-urban/rural areas.
Objectives of PM SVANidhi
The scheme is a Central Sector Scheme, i.e. fully funded by the Ministry of Housing and Urban Affairs with the following objectives:
(i) To facilitate working capital loans up to `10,000;
(ii) To incentivize regular repayment; and
(iii) To reward digital transactions such vendors the permanent Certificate of Vending and Identification Card immediately and positively within a period of one month.
(iii) Street Vendors left out of the ULBled identification survey or who have started vending after completion of the survey and have been issued a Letter of Recommendation (LoR) to that effect by the ULB / Town Vending Committee (TVC); and
(iv) The vendors of surrounding development/peri-urban/rural areas vending within the geographical limits of the ULBs and have been issued a Letter of Recommendation (LoR) to that effect by the ULB / TVC.
Who is Eligible for PM SVANidhi?
The PM SVANidhi scheme is available to all street vendors who are engaged in vending in urban areas on or before March 24, 2020. The eligible vendors are identified as per the following criteria:
Street vendors in possession of Certificate of Vending/Identity Card issued by Urban Local Bodies (ULBs)
For the vendors, who have been identified in the survey but have not been issued a Certificate of Vending/Identity Card, a Provisional Certificate of Vending would be generated for such vendors through an IT-based Platform. ULBs are encouraged to issue such vendors the permanent Certificate of Vending and Identification Card immediately and positively within a period of one month.
Street Vendors left out of the ULBled identification survey or who have started vending after completion of the survey and have been issued a Letter of Recommendation (LoR) to that effect by the ULB/Town Vending Committee (TVC)
The vendors of surrounding development/peri-urban/rural areas vending within the geographical limits of the ULBs have been issued a Letter of Recommendation (LoR) to that effect by the ULB/TVC.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
03:54 PM IST