The number of loan sanctions and number of applications received under PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme have crossed the mark of 1 lakh and 5 lakhs respectively within 41 days of commencement of the lending process on July 02, 2020.
Daily Current Affairs Quiz 2020
Key-Points
The PM SVANidhi Scheme was launched by Ministry of Housing & Urban Affairs under the ambit of ‘AtmaNirbhar Bharat Abhiyan’.
It aims at facilitating collateral free working capital loans upto Rs 10,000 of 1 year tenure, to about 50 lakh street vendors in the urban areas, including those from the surrounding peri-urban/ rural areas, to resume their businesses post COVID-19 lockdown.
The PM SVANidhi scheme has generated considerable enthusiasm among the street vendors, who have been looking for access to affordable working capital credit for re-starting their businesses post COVID-19 lockdown.
PM SVANidhi Scheme envisages bringing ‘Banks at the door steps’ of these ‘nano-entrepreneurs’ by engaging the Non-Banking Financial Companies (NBFCs) and the Micro-Finance Institutions (MFIs) as lending institutions in addition to Scheduled Commercial Banks – Public & Private, Regional Rural Banks, Cooperative Banks, SHG Banks etc.
Small Industries Development Bank of India (SIDBI) is the implementation partner for the scheme. A graded guarantee cover is provided, on portfolio basis, to these lending institutions through Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) to encourage lending to street vendors.
