The Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme is a transformative micro-credit initiative designed specifically for urban street vendors. This scheme provides collateral-free working capital loans of up to Rs.50,000, facilitating financial independence and growth for these entrepreneurs.
Since its inception, the PM SVANidhi scheme has made remarkable strides, with over 70 lakh loans disbursed, positively impacting more than 53 lakh street vendors. The total value of these loans has surpassed an impressive Rs.9,100 crore, showcasing the significant financial support extended to this vital segment of the economy.
This initiative not only aids street vendors in accessing much-needed funds but also incentivizes timely repayments. Borrowers are encouraged to repay their loans promptly by offering attractive benefits such as a 7 percent interest subsidy and a cashback incentive for digital transactions, which can amount to up to Rs.1,200 per year.
One of the most commendable aspects of the PM SVANidhi scheme is its contribution to gender empowerment. An impressive 43 percent of the loans have been availed by urban women, making the scheme a true champion of gender equality in entrepreneurship.
Public sector banks have been instrumental in the successful implementation of this micro-credit initiative. Their involvement has facilitated smoother processing of loans and provided crucial support to street vendors, thereby enhancing the effectiveness of the PM SVANidhi scheme.
In conclusion, the PM SVANidhi scheme stands as a beacon of hope for urban street vendors, offering them the financial tools necessary for economic empowerment. By promoting timely repayments and supporting women entrepreneurs, it not only enhances financial inclusion but also fosters a more equitable society.
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