Why is it in news?
- The Union Housing and Urban Affairs Ministry said over 5 lakh applications had been received under the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme.
- About 1 lakh loans had been sanctioned under the scheme.
Pradhan Mantri Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi)
- The scheme was launched by the Ministry of Housing and Urban Affairs to provide affordable working capital loan to street vendors to resume their livelihoods that have been adversely affected due to COVID-19 lockdown.
- PM SVANidhi is a special micro-credit scheme for providing affordable and collateral free loan of up to Rs 10,000 to street vendors.
- Incentives in the form of interest subsidy and cash back are being provided to promote good repayment behaviour and digital transactions respectively.
- The scheme targets 50 lakh beneficiaries.
- Implementation Agency: SIDBI.