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PM SVANidhi Scheme Marks Successful Completion of 3 Years, Applauded by Hardeep S. Puri

The PM SVANidhi scheme continues to play a pivotal role in empowering street vendors and driving economic growth, showcasing the government's commitment to uplifting the lives of marginalized communities.

Shivam Dwivedi
PM SVANidhi Scheme Marks Successful Completion of 3 Years, Applauded by Hardeep S. Puri (Photo Source: PIB)
PM SVANidhi Scheme Marks Successful Completion of 3 Years, Applauded by Hardeep S. Puri (Photo Source: PIB)

Hardeep S. Puri, Minister for Housing and Urban Affairs and Petroleum and Natural Gas, lauded the Prime Minister Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) Scheme on its remarkable three-year journey.

The Minister commended the scheme for its swift implementation, making it one of the fastest roll-outs of government initiatives. According to Puri, PM SVANidhi has spearheaded an unprecedented wave of financial inclusion and digital literacy in India's cities and towns, providing street vendors with dignity and stability.

Launched on June 1, 2020, the PM SVANidhi Scheme aims to restore self-employment, self-sustenance, and self-confidence among street vendors. It has quickly become one of the fastest-growing micro-credit schemes of the Indian Government, offering citizens access to credit and linkages to social security programs.

To celebrate the scheme's three-year journey, the Ministry of Housing and Urban Affairs (MoHUA) organized an event at Vigyan Bhawan. The event highlighted the accomplishments of PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) Yojana, which empowered street vendors affected by the pandemic to resume their livelihoods. The scheme has achieved significant milestones in financial inclusion and the integration of street vendors into the mainstream economy.

During the event, a booklet was released, showcasing the noteworthy achievements and initiatives undertaken under the PM SVANidhi scheme. The booklet provides insights into the various reforms and initiatives that have transformed the lives of street vendors and their families across the country. The event was attended by Manoj Joshi, Secretary, MoHUA; Rajeev Jain, Addl. DG (Media); Rahul Kapoor, Jt. Secretary & Mission Director, along with senior officials from the Central Government, State Governments, Banks, Digital Payment Aggregators, key partners, and the beneficiaries of the PM SVANidhi scheme.

Additionally, the Minister launched a mobile app for street vendors under the PM SVANidhi scheme, simplifying the loan application process and providing essential information about the scheme. Furthermore, in collaboration with the Ministry of Small and Medium Enterprises (MSME), a facility for 'Udyam' registration and obtaining a 'Udyam Assist' certificate for street vendors on the PM SVANidhi portal was also introduced, making it easier for vendors to obtain the Udyam Registration Certificate and promote their businesses.

During the event, recognition was given to states and lending institutions that have demonstrated outstanding performance under the PM SVANidhi Scheme. The State Bank of India, Bank of Baroda, and Union Bank of India were felicitated among the banks for providing a large number of loans to street vendors. Andhra Pradesh Grameen Vikas Bank and Stree Nidhi Credit Cooperative Federation Ltd. were also honored among the Regional Rural Banks and State Cooperative Banks, respectively.

Hardeep S. Puri, Minister of MoHUA, interacted with the beneficiaries of the PM SVANidhi scheme and witnessed the positive impact the scheme has had on their lives. He expressed gratitude to all stakeholders, including Central Ministries, State Governments, Urban Local Bodies, Lending Institutions, and partners, for their unwavering support and contribution to the scheme's success.

Over the past three years, the PM SVANidhi scheme has achieved significant milestones. The scheme provides working capital loans in three tranches to street vendors and has granted microcredits to over 3.6 million vendors across India. As of June 30, 2023, more than 4.85 million loan applications have been sanctioned, with over 4.64 million loans disbursed, amounting to a total of Rs. 57.95 billion.

The scheme prioritizes digital onboarding and training, enabling all PM SVANidhi beneficiaries to engage in digital transactions and gain social acceptance and dignity.

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