“PM SVANidhi” is a Special Micro-Credit Facility Scheme that has been launched by the Ministry of Housing and Urban Affairs. Street vendors will be provided affordable loans under the PM Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi) scheme, hence enabling them to resume work and earn livelihoods. The scheme is expected to benefit over 50 lakh people including hawkers, thelewalas, vendors, rehriwala etc.
Under the PM SVANidhi scheme, street vendors will be able to avail the working capital loan of up to Rs. 10,000, which is repayable in monthly instalments in the tenure of one year. A digital platform with web portal/ mobile app would be developed to administer the scheme with end-to-end solution. It will also help in integrating the vendors into the formal financial system.
Important takeaways for all competitive exams:
- Union Minister of Housing and Urban Affairs: Hardeep Singh Puri.