The Ministry of Housing and Urban Affairs has launched Prime Minister Street Vendors Atma Nirbhar Nidhi, better known as PM SVANidhi, a Central Sector Scheme, on 1st June 2020.
The scheme was launched with the objective of providing an affordable working capital loan up to ₹10,000/- to the Street Vendors to resume their businesses, adversely impacted due to COVID-19 Pandemic.
As of July 30, 2021, 43.3 lakh loan applications have been received. Out of these 25.3 lakh loans have been sanctioned and 22.8 lakh loans have been disbursed.
As the PM SVANidhi scheme brings in financial mainstreaming of street vendors through loans and digital payments, the government wants to formalise its understanding of this sector, and, based on that understanding, bring them under various schemes.