PM SVANidhi online dashboard for street vendors launched; know how this will benefit them!

There is some good news for street vendors as the Ministry of Housing and Urban Affairs has launched a PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) online dashboard with an aim to provide a dynamic and interactive facility to street vendors for information and tracking monitoring of progress of PM SVANidhi up to the city level. 

The dashboard was launched by Secretary Durga Shanker Mishra through video conferencing, a government release said. 

The release said that this dashboard is a one-stop solution for all stakeholders looking for information or tracking the progress of their applications.  

The Modi Government launched PM SVANidhi on 1 June 2020 to provide affordable working capital loans to street vendors to resume their livelihoods that have been “adversely affected” in the wake of coronavirus pandemic. 

The Ministry has cleared 1.70 lakh applications out of 7.15 lakh applications received from different States and Union Territories, since 2 July 2020 – the day of commencement of online submission of applications on PM SVANidhi portal.  

This target of this scheme is to provide benefits to over 50 lakh Street Vendors who had been vending on or before 24 March 2020, in urban areas including those from surrounding peri-urban/rural areas.  

Under the Scheme, the vendors can avail 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 7 per cent per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer on quarterly basis, the release said.  

There will be no penalty on early repayment of loan. The scheme promotes digital transactions through cash-back incentives up to an amount of Rs 100 per month.

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This scheme also gives an opportunity to the street vendors to climb up the economic ladder by availing the facility of enhancement of the credit limit on timely/ early repayment of loan.