Recently, in order to engage SIDBI as the Implementation Agency for PM Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi), a Memorandum of Understanding has been signed between Ministry of Housing & Urban Affairs and Small Industries Development Bank of India (SIDBI).
- SIDBI will implement the PM SVANidhi Scheme under the guidance of Ministry of Housing & Urban Affairs.
- It will also manage the credit guarantee to the lending institutions through Credit Guarantee Fund Trust for Micro and Small Enterprises.
- It will also develop and maintain a customized and integrated IT Platform providing end-to-end solutions.
- Documentation of all the processes and workflows for an end-to-end solution will also be done through a Portal and a Mobile App.
- It will ensure engagement and information flow between Urban Local Bodies (ULBs), Lending Institutions, Digital Payment Aggregators and other stakeholders.
- It will leverage the network of lending Institutions like Scheduled Commercials Banks (SCBs), Non-Bank Finance Companies (NBFCs), Micro Finance Institutions (MFIs), Co-operative Banks, Small Finance Banks (SFBs), Regional Rural Banks (RRBs), etc. for the Scheme implementation.
- It shall also provide a Project Management Unit (PMU), comprising of domain experts in training/ capacity building, project and platform management, Information Education and Communication (IEC), banking, NBFC and MFI sectors etc., for the period of PM SVANidhi i.e. upto March 2022.
About Small Industries Development Bank of India (SIDBI)
- Small Industries Development Bank of India (SIDBI) set up on 2nd April 1990 under an Act of Indian Parliament, acts as the Principal Financial Institution for Promotion,Financing and Development of the Micro, Small and Medium Enterprise (MSME) sector as well as for co-ordination of functions of institutions engaged in similar activities.
- Its mission is to facilitate and strengthen credit flow to MSMEs and address both financial and developmental gaps in the MSME eco-system.