It will benefit more than 50 lakh street vendors.
The Union Cabinet on June 1 cleared a credit scheme for street vendors so that they can revive their businesses without any further delay.
The scheme, called PM SVANidhi, or PM Street Vendors Atmanirbhar Nidhi, is a special micro-credit facility scheme to enable more than 50 lakh urban/peri-urban & rural street vendors who were vending on or before March 24, 2020, to restart their livelihoods affected due to the lockdown.
The Centre is sympathetic towards their plight due to the COVID-19 outbreak and the subsequent lockdown, Union Minister Prakash Javadekar said in a media briefing after the Cabinet meeting today.
Under the scheme, each of these streets vendors will be given a credit loan of Rs 10,000, which they can return as monthly installments within a year.
Those who repay their loans on time will get 7 percent annual interest as subsidy which will be transferred in their bank accounts. There is no provision for penalty under this, Javadekar said.
Soon after the announcement, aviation minister Hardeep Singh Puri tweeted details of the scheme.
Very happy to announce the launch of PM SVANidhi, a special micro-credit facility scheme to enable more than 50 lakh urban/peri-urban & rural street vendors who were vending on or before 24th March 2020 to restart their livelihoods affected due to the lockdown. pic.twitter.com/iUybHLMzbw
— Hardeep Singh Puri (@HardeepSPuri) June 1, 2020
