The Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme is a micro-credit initiative aimed at urban street vendors, offering collateral-free working capital loans up to Rs.50,000. As of now, over 70 lakh loans have been disbursed, benefiting more than 53 lakh street vendors, with a total value exceeding Rs.9,100 crore.
This scheme not only empowers these entrepreneurs economically but also encourages timely repayments through incentives like a 7 percent interest subsidy and cashback for digital transactions, up to Rs.1,200 per year.
Furthermore, the PM SVANidhi scheme has been instrumental in gender empowerment, with 43 percent of the loans being availed by urban women, making it a true gender equalizer.
Public sector banks have played a pivotal role in making this micro-credit initiative a success.
SRIRAM’s Empowering Entrepreneurs
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