Prime Minister Street Vendor’s AtmaNirbhar Nidhi

Prime Minister Street Vendor's AtmaNirbhar Nidhi is the acronym for Prime Minister Street Vendor's AtmaNirbhar Nidhi. It is a government-run programme that began in June 2020. Its goal is to give microcredit to street sellers who have been impacted by the COVID-19 outbreak. It is one of the most essential government programmes for UPSC preparation in 2021. For both the prelims and mains examinations, learn about PM SVANidhi's facts.

Important Facts about PM SVANidhi for UPSC
Full-Form of PM SVANidhi	Prime Minister Street Vendor’s Atmanirbhar Nidhi
Launch Date	1st June 2020
Under which government ministry?	Ministry of Housing and Urban Affairs (MoHUA)
Target Beneficiary	Street Vendors or hawkers in urban areasStreet Vendors of peri-urban areasStreet Vendors of Rural areas(Those street vendors as on/before 24th March 2020)
Mandatory Documents to Access Benefits	Aadhar CardVoter Identity Card
Tenure of the scheme	June 2020 – March 2022
Direct Link to avail the benefits under the PM SVANidhi	https://pmsvanidhi.mohua.gov.in/

Salient Features of PM SVANidhi

1. It's a public-sector initiative.
2. It will give street sellers with low-interest working capital loans as a result of the new coronavirus epidemic.
3. It will be put in place until March 2022.
4. An initial operating capital of up to Rs. 10,000 would be supplied to vendors.
5. When a vendor repays a loan early or on schedule, he or she will receive a 7% interest subsidy.
6. On digital payments, a monthly cash-back incentive is available.
7. Cashback in the region of Rs. 50-100 every month.
8. If a vendor repays the first loan on time, he or she has a good chance of being approved for a larger loan.
9. To obtain the loan, a vendor does not need to present any collateral security.

Objectives of PM SVANidhi

1. To provide merchants with access to low-cost working capital loans so that they may restart their livelihood operations following the national lockdown (due to the pandemic.)
2. To encourage regular loan payback by features such as cash back, greater loans on following demands, and so on.
3. To encourage digitization by rewarding vendors who choose to repay debts digitally.

Lending Institutions under PM SVANidhi

1. Scheduled Commercial Banks
2. Regional Rural Banks
3. Cooperative Banks
4. Non-Banking Financial Companies
5. Micro-Finance Institutions
6. Self Help Groups (SHG) Banks