Atma Nirbhar Nidhi (PM SVANidhi) Scheme

Explanation :

Context: Foodtech major Swiggy has signed an MoU with the Ministry of Housing & Urban Affairs or MoHUA to bring India’s street food vendors on to its online platform.

Explanation:

About PM SVANidhi Scheme

• It is a special micro-credit facility plan to provide affordable loan to more than 50 lakh street vendors, who had their businesses operational on or before 24 March 2020.
• The scheme is valid until March 2022.
• The scheme is applicable to vendors, hawkers, thelewalas, rehriwalas, theliphadwalas in different areas/contexts who supply goods and services.
• Street vendors belonging to the surrounding peri-urban/rural areas are also included.
• Small Industries Development Bank of India(SIDBI) is the technical partner for implementation of this scheme.
• It will manage the credit guarantee to the lending institutions through Credit Guarantee Fund Trust for Micro and Small Enterprises.
• Under the scheme, vendors can avail working capital loan of up to ₹10,000, which is repayable in monthly instalments within one year.
• On timely/early repayment of the loan, an interest subsidy of 7% per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer (DBT) on six-months basis.
• There will be no penalty on early repayment of loan.