4,000 Street Vendors in Gujarat to Avail Benefits of PM SVANidhi Yojana

In accordance with the Pradhan Mantri Street Vendors Atmanirbhar Nidhi Yojana, loans were given out to 4,000 street sellers in Gujarat on Saturday in the presence of the state's chief minister, Bhupendra Patel.

The PM SVANidhi scheme aims to provide 50 lakh street vendors across the nation with collateral-free working capital loans of up to Rs 10,000 with a one-year term. "Our government is adamant about finding solutions for everyone's issues and integrating them into the mainstream of progress. 

Every project under Prime Minister Narendra Modi's direction considers how it might benefit the last member of society "CM stated. At the gathering of 4,000 street sellers in Ahmedabad's Science City, the chief minister presented loan checks to a select group of recipients.

What is the PM SVANidhi scheme?

The programme is a Central Sector Program, which means that the Ministry of Housing and Urban Affairs is funding it. Its goals are as follows: Working capital loans up to £10,000 are made possible, regular repayment is encouraged, and digital transactions are rewarded.

The programme will aid in formalizing street vendors in order to achieve the aforementioned goals and will provide new opportunities for this industry to advance economically.

What is the objective behind the scheme?

1. To make working capital loans up to $10,000 available at discounted interest rates; 

2. To encourage timely loan repayment; and 

3. To recognise digital transactions.

Who is the Scheme's intended beneficiary?

Street vendors and hawkers, including those in nearby peri-urban and rural areas, are selling their wares in metropolitan areas as of or before March 24, 2020.

Which lending institutions will provide credit?

The credit providers include Scheduled Commercial Banks, Regional Rural Banks, Small Finance Banks, Cooperative Banks, Non-Banking Financial Companies, Micro-Finance Institutions and SHG Banks.

How long has the Scheme been in effect?

Initially, the plan was supposed to be put into action by March 2022. However, now the PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) programme has been extended by the Center through December 2024. In addition to the first and second loans, which have limits of Rs. 10,000 and Rs. 20,000, respectively, the government has also launched a third loan with a maximum limit of Rs. 50,000.