PM SVANidhi Scheme

Current Affairs

  • Over 46.54 lakh small working capital loans have been disbursed to street vendors under the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM-SVANidhi) in the three years since it was launched on June 1, 2020.
  • A total of 46,54,302 loans had been disbursed. Out of those loans, about 40% (18,50,987) have been repaid so far.
  • This App aims to provide user friendly digital interface for Lending Institutions (LIs) and their field functionaries for sourcing and processing loan applications of street vendors under the Scheme.
  • The launch event was organised through a video conference in which, besides senior officials from the Ministry, Principal Secretaries dealing with Urban Development Department and other officials from the States and UTs participated.
  • PM SVANidhi Mobile App is a step towards boosting the use of digital technology and will enable field functionaries of LIs like 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. 
  • It is believed that launch of Mobile App will give impetus to the implementation strategy of the Scheme besides promoting paper-less digital accessing of micro-credit facilities by the Street Vendors.
  • Ministry has already launched the Web Portal on June 29, 2020. This App has all the features similar to the Web Portal of PM SVANidhi added with the feature of easy portability.
  • The features include vendor search in the survey data, e-KYC of applicants, processing of applications, and real time monitoring.
  • The App can be downloaded from the Google play store for use by the LIs and their field functionaries.
  • Since the commencement of lending process under PM SVANidhi on July 02, 2020, more than 1,54,000 Street Vendors have applied for working capital loan across States/ UTs and out of which over 48,000 have already been sanctioned. 

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