Why in News?
Amid the coronavirus outbreak and nationwide lockdown, the Union Government has launched ‘Pradhan Mantri Street Vendor’s Atmanirbhar Nidhi (PM SVANIDHI) Scheme’.
About Pradhan Mantri Street Vendor’s Atmanirbhar Nidhi (PM SVANIDHI) Scheme
- It is a special micro-credit facility scheme for providing affordable loan to street vendors.
- It is aimed at enabling the street vendors to resume their livelihoods that have been adversely affected due to COVID-19 lockdown.
- It has been launched by Ministry of Housing and Urban Affairs in pursuance of the announcement made by Finance Minister Nirmala Sitharaman under Atma Nirbhar Bharat Abhiyaan stimulus package.
- The scheme targets to benefit over 50 lakh street vendors, who had been vending on or before 24th March this year, in urban areas.
- The scheme will be applicable till March 2022.
- The street vendors belonging to the surrounding peri-urban or rural areas are being included as beneficiaries under the urban livelihoods programme for the first time.
- The vendors can avail a working capital loan of upto ten thousand rupees, which is repayable in monthly installments in the tenure of one year.
- The lending institutions under the Scheme include Scheduled Commercial Banks, Regional Rural Banks, Small Finance Banks, Cooperative Banks, NBFCs, Micro Finance institutions and Self Help Group banks.