PM SVANidhi scheme

PM SVANidhi scheme

News: The Economic Research Department (ERD) of the State Bank of India (SBI) conducted an analysis on the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme.

What is The PM SVANidhi scheme?
• The PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme is a micro-credit facility launched by the Ministry of Housing and Urban Affairs (MoHUA) in June 2020.
• It facilitates collateral-free loans of ₹10,000, with subsequent loans of ₹20,000 and ₹50,000 with 7% interest subsidy.
• It has been extended till December 2024.
• The scheme incentivizes digital transactions by the street vendors through monthly cash back.

Key Findings:
• Gender Empowerment: 43% of the beneficiaries of the PM SVANidhi Scheme are females, which represents a significant boost for the entrepreneurial capabilities of urban women.
• Inclusivity: Almost 75% of loan beneficiaries come from the “nongeneral category”, indicating that the scheme is bringing about transformative changes.
• Loan Disbursement: Over 70 lakh loans have been disbursed in three tranches, benefiting over 53 lakh street vendors.
• Increased Spending: Compared to FY21, the average debit card spending of PM SVANidhi account holders increased by 50 percent to about ₹80,000 in FY23.
• Financial Inclusion and Empowerment: The PM SVANidhi scheme has led to an increase in the number of people included in formal credit and has empowered borrowers financially.

Conclusion
• These findings highlight how the PM SVANidhi Scheme has successfully integrated marginalized urban micro-entrepreneurs while also breaking down communal barriers. 

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