NEW DELHI: The Union Cabinet Wednesday approved the restructuring and extension of the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme until March 31, 2030, a government release said.
The scheme aims to benefit 1.15 crore beneficiaries, including 50 lakh new beneficiaries, with a total outlay of Rs 7,332 crore.
The first tranche of loans under the scheme has been raised to Rs 15,000 (from Rs 10,000) and the second has been increased to Rs 25,000 (from Rs 20,000).
The key features of the restructured scheme include enhanced loan amount across the first and second tranche, provision of UPI-linked RuPay Credit Card for beneficiaries who have repaid the second loan, and digital cashback incentives for retail & wholesale transactions. The scheme’s coverage is being expanded beyond statutory towns to census towns, peri-urban areas etc. in graded manner.
While street vendors can also avail of cash back incentives up to Rs 1,600 on making retail and wholesale transactions, focus will be on building the capacity of street vendors with a spotlight on entrepreneurship, financial literacy, digital skills, and marketing through convergence.
The ‘SVANidhi se Samriddhi’ component of the scheme will be further strengthened through monthly Lok Kalyan Melas to ensure benefits under various GoI schemes reach the beneficiaries and their families in a saturation approach, the release added.
The PM SVANidhi scheme has already achieved significant milestones, with over 96 lakh loans amounting to Rs 13,797 crore disbursed to more than 68 lakh street vendors. The scheme has promoted financial inclusion, digital empowerment, and livelihoods of street vendors. The extension of the scheme will empower street vendors, foster inclusive economic growth, and enhance their livelihoods, ultimately transforming urban spaces into a vibrant, self-sustaining ecosystem.
The implementation of the scheme will be the joint responsibility of the Ministry of Housing & Urban Affairs (MoHUA) and Department of Financial Services (DFS), with DFS being responsible for facilitating access to loan/credit cards through banks/financial institutions and their ground-level functionaries, the release said.
Agencies