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PM SVANidhi
Why is it in news?
- Prime Minister Narendra Modi on Tuesday interacted via video-conferencing with street vendors from Uttar Pradesh who had availed of loans under the PM Street Vendors Atmanirbhar Nidhi (PM SVANidhi).
PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi)
- Implementation Agency: SIDBI.
- Aim: To facilitate collateral free working capital loan upto Rs.10,000/- of one-year tenure, to approximately, 50 lakh street vendors, to resume their businesses.
- Incentives in the form of interest subsidy (@ 7% per annum) and cash back (upto Rs.1,200/- per annum) are being provided to promote good repayment behaviour and digital transactions respectively.
- It is a part of the government’s economic relief package announced in the wake of the COVID-19 pandemic.