State govt informs on PM-SVANidhi

DIMAPUR | Publish Date: 6/26/2020 10:00:06 AM IST

 In pursuance to the Ministry of Housing & Urban Affairs, Government of India, the government of Nagaland has notified the implementation of the PM Street Vendor’s AtmaNirbhar Nidhi (PM-SVANidhi) - Special Micro-credit facility for street vendors in urban areas, including surrounding peri-urban/rural areas vending in the geographical limits of the Urban Local Bodies (ULBs) in the state with immediate effect and till March, 2022.

According to DIPR report, the scheme will be available to all street vendors engaged in vending in urban areas as on or before March 24, 2020. Street vendors will be eligible to avail a collateral-free working capital loan of up to Rs. 10,000/, repayable in monthly instalments in the tenure of one year. On timely/early repayment of the loan an interest subsidy @7% per annum will be credited to the Bank Accounts of beneficiaries through DBT, on quarterly basis. 

The lending institutions under the scheme include, scheduled commercial banks, Regional Rural Banks (RRBs), Small Finance Banks (SFBs), Cooperative Banks, Non-Banking Finance Companies (NBFCs), Micro Finance Institutes (MFIs) and SHG Banks. Small Industries Development Bank of India (SIDBI) will be implementation partner for the scheme. 

The scheme will be implemented through the Urban Local Bodies (ULBs) involving all stakeholders including Street Vendor’s Associations, Business Correspondents, SHGs and their federations and various digital payments aggregators like BHIM, PayTM, PhonePe, AmazonPe etc. The scheme guidelines and FAQs are available in website


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