Scheme of Special Micro-Credit Facility launched for Street Vendors

A Memorandum of Understanding has been signed between Ministry of Housing & Urban Affairs and Small Industries Development Bank of India (SIDBI) in order to engage SIDBI as the Implementation Agency for PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) – a Special Micro-Credit Facility for Street Vendors.

Daily Current Affairs Quiz 2020

Key-Points

As per the MoU terms, SIDBI will implement the PM SVANidhi Scheme under the guidance of MoHUA.

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

It will develop and maintain a customized and integrated IT Platform providing end-to-end solutions, including documentation of all the processes and workflows for an end-to-end solution, through a Portal and a Mobile App, to ensure engagement and information flow between Urban Local Bodies (ULBs), Lending Institutions, Digital Payment Aggregators and other stakeholders.

It will leverage the network of lending Institutions like Scheduled Commercials Banks (SCBs), Non-Bank Finance Companies (NBFCs), Micro Finance Institutions (MFIs), Co-operative Banks, Small Finance Banks (SFBs), Regional Rural Banks (RRBs), etc. for the Scheme implementation.

SIDBI shall also provide a Project Management Unit (PMU), comprising of  domain experts in training/ capacity building, project and platform management, Information Education and Communication (IEC), banking, NBFC and MFI sectors etc., for the period of PM SVANidhi i.e. upto March 2022.