The Cabinet Committee on Economic Affairs on 27th April 2022, has approved the continuation of lending under the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) beyond March 2022 till December 2024, with focus on enhanced collateral free affordable loan corpus, increased adoption of digital transactions and holistic socio-economic development of the Street Vendors and their families.
Through the Scheme, affordable collateral-free loans are being facilitated to the Street Vendors.The proposed extension of the Scheme has been necessitated as the circumstances that led to the launch of the Scheme in June 2020 i.e. the pandemic and related stress on the small businesses, have not fully retracted.
The extension of lending till December 2024, would assist in institutionalizing the access to formal credit channels, provide an assured source of credit to help them plan their business expansion, increasing the adoption of digital transactions, reducing the impact of potential NPAs on the Lending Institutions and providing holistic socio-economic upliftment for the Street Vendors and their families.
