SIDBI sign MoU for special micro-credit facility for street vendors

The Small Industries Development Bank of India (SIDBI) and Ministry of Housing and Urban Affairs (MoHUA) has signed an MoU to engage SIDBI as the implementation agency for the PM Street Vendor’s AatmaNirbhar 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 the MoHUA.

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

SIDBI will also develop and maintain a customised and integrated IT platform that provides end-to-end solutions.

SIDBI will also provide a project management unit to ensure effective implementation of the scheme comprising domain experts from the training/capacity building, project and platform management, Information Education and Communication (IEC), banking, NBFC and MFI sectors, up to March 2022.

PM SVANidhi Scheme

 PM SVANidhi Scheme was launched by the MoHUA on June 1 to provide affordable working capital loan to street vendors who have been adversely affected by the Covid-19 lockdown.

This scheme targets to benefit over 50 lakh street vendors.

Under the scheme, vendors can avail a working capital loan of up to ₹10,000, which is repayable in monthly instalments in the tenure of one year.