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Context - The Minister of State for Housing and Urban Affairs presented a report on the implementation status of the PM SVANidhi Scheme in the Lok Sabha 

 Details  

• PM SVANidhi Scheme covered nearly 29 lakh beneficiaries and credit of ₹3,170 crores has been released.  
• The Ministry of Housing and Urban Affairs (MoHUA) and Department of Financial Services (DFS) regularly conduct review meetings with the Lending Institutions including private sector banks, to improve their performance. 
• The percentage share in loans sanctioned by Private Sector Banks has increased from 1.9% to 11.6% in the last financial year.

About PM SVANidhi

• The Prime Minister Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi) was launched by the Ministry of Housing and Urban Affairs in June 2020 
• The main objective of the scheme is to provide affordable Working Capital loans to street vendors to restart their livelihoods that have been adversely affected due to the Covid-19 lockdown.
• Vendors can avail of a working capital loan of up to Rs. 10,000, which is repayable in monthly instalments in the tenure of one year.
• On timely/ early repayment of the loan, an interest subsidy at the rate of  7% per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer on a quarterly basis.
• There will be no penalty for early repayment of the loan.
• The scheme promotes digital transactions through cash back incentives up to an amount of Rs. 100 per month.
• The vendors can avail of the facility of escalation of the credit limit on timely/ early repayment of loans.
• According to the scheme guidelines, a vendor is any person engaged in vending articles, goods, wares, food items or merchandise of daily use or offering services to the public in a street, footpath, pavement etc., 
• To avail of the loan, a vendor should: Possess Certificate of Vending / Identity Card issued by Urban Local Bodies (ULBs). 
• KYC document needed: Aadhaar Card / Voter’s Identity Card / Driving Licence / MNREGA Card / PAN Card.  

 https://www.pib.gov.in/PressReleseDetail.aspx?PRID=1811838

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