Centre launched PM SVANidhi to bring Microcredit facility for street vendors at their door steps

17-Jul-20

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Secretary Shri Durga Shanker Mishra, Ministry of Housing and Urban Affairs has launched the Mobile Application of PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) on 17 July 2020. The aim is to provide a user-friendly digital interface for Lending Institutions (LIs) and their field functionaries for sourcing and processing loan applications of street vendors under the Scheme.
PM SVANidhi Mobile App aims to boost the use of digital technology and will enable field functionaries of LIs including Banking Correspondents (BCs) and Agents of Non-Banking Financial Companies (NBFCs)/ Micro-Finance Institutions (MFIs), who have proximity with the street vendors, to ensure maximum coverage of the Scheme.
The App is expected to give impetus to the implementation strategy of the Scheme besides promoting paper-less digital access of micro-credit facilities by the Street Vendors.
The App has all the features similar to the Web Portal of PM SVANidhi, which was launched on June 29, 2020, added with the feature of easy portability.
PM SVANidhi scheme was launched by the Ministry of Housing and Urban Affairs (MoHUA), on 1 June 2020, for providing affordable Working Capital loan to street vendors to resume their livelihoods that were affected due to COVID-19 pandemic.
This scheme targets to benefit over 50 lakh Street Vendors in urban areas including those from surrounding peri-urban/ rural areas. Under the scheme, the beneficiaries (vendors) can avail of a working capital loan of up to Rs.10,000.
The loan amount is repayable in monthly installments in the tenure of one year. On timely/ early repayment of the loan, an interest subsidy at 7% per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer (DBT) on a quarterly basis.

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