14,34,000 loans sanctioned under PM SVANidhi scheme

Over 27 lakh 33 thousand applications have been received under Pradhan Mantri Street Vendor’s Atma-Nirbhar Nidhi- PM- SVANidhi Scheme. Out of the total applications received, over 14 lakh and 34 thousand have been sanctioned and about 7.88 lakh loans disbursed.

Daily Current Affairs Quiz 2020

Key-Points

The Ministry of Housing and Urban Affairs has launched PM Svanidhi, or Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi scheme.

The scheme was announced by finance minister Nirmala Sitharaman on 14 May to enable street vendors to resume their livelihoods, which have been hit hard due to the national lockdown.

It is a special micro-credit facility plan to provide affordable loan of up to ₹10,000 to more than 50 lakh street vendors, who had their businesses operational on or before 24 March.

The the scheme is valid until March 2022.

Small Industries Development Bank of India is the technical partner for implementation of this scheme.

It will manage the credit guarantee to the lending institutions through Credit Guarantee Fund Trust for Micro and Small Enterprises.

The scheme is applicable to vendors, hawkers, thelewalas, rehriwalas, theliphadwalas in different areas/contexts who supply goods and services. Street vendors belonging to the surrounding peri-urban/rural areas are also included.