Ministry of Housing & Urban Affairs has signed a Memorandum of Understanding (MoU) with Small Industries Development Bank of India (SIDBI) for PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi). PM SVANidhi is a Special Micro-Credit Facility for Street Vendors.
According to the MoU, PM SVANidhi Scheme will be implemented by SIDBI under the guidance of MoHUA. The credit guarantee to the lending institutions would also be managed by the SIDBI through Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).
Small Industries Development Bank of India (SIDBI) will ensure effective implementation of the scheme by providing a Project Management Unit (PMU) consisting of domain experts in training/ capacity building, project and platform management, banking, NBFC and MFI sectors etc for the period of scheme, i.e. upto March 2022. SIDBI will also leverage the network of lending Institutions for the Scheme implementation. The lending institutions will include Scheduled Commercials Banks (SCBs), Non-Bank Finance Companies (NBFCs), Regional Rural Banks (RRBs), Co-operative Banks, Small Finance Banks (SFBs), etc.
Important takeaways for all competitive exams:
- Chairman & Managing Director of SIDBI: Mohammad Mustafa.
- Union Minister of Housing and Urban Affairs: Hardeep Singh Puri.