Extension of PM SVANidhi Scheme

On 9^th December, 2022, the Government extended the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme beyond March, 2022.

Provisions: Extension of lending period till December 2024;

• Introduction of 3rd loan of upto Rs. 50,000 in addition to 1st & 2nd loans of Rs.10,000 and Rs.20,000 respectively.
• To extend ‘SVANidhi Se Samriddhi’ component for all beneficiaries of PM SVANidhi scheme across the country.

About PM SVANidhi Scheme: Rolled out in June 2020 to soften the pandemic blow to street vendors, the scheme offers each beneficiary working capital loan up to Rs 10,000 for tenure of one year.

• Timely repayment ensures a loan up to Rs 20,000 in the second tranche and up to Rs 50,000 in the third tranche.
• Implementation Agency: Small Industries Development Bank of India (SIDBI).

Impact: The move will enable a much larger number of street vendors to have access to formal institutional credit channels and provide them an assured source of loans to support their expansion.