12-13% NPAs in loans given to street vendors under Prime Minister’s Street Vendors AtmaNirbhar Nidhi (PM-Svanidhi) scheme (Ministry of Housing and Urban Affairs Minister)
- Svanidhi Mahotsav: a series of cultural events for street vendors and the public, to be rolled out in 75 cities
- At first vendors can avail of loans up to ₹10,000 each. After repayment of the first loan, the vendors are eligible for a second loan of ₹20,000 and then the third loan of ₹50,000.
- On timely/early repayment of the loan, an interest subsidy of 7% per annumwill be credited to the bank accounts of beneficiaries through direct benefit transfer on a six-monthly basis.
- The scheme incentivises digital transactions by the street vendors through monthly cash back.
- It will integrate the UdyamiMitra portal of SIDBI for credit management and the PAiSA portal of MoHUAto administer interest subsidy automatically.