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DAILY NEWS ANALYSIS

  • 02 June, 2020

  • 5 Min Read

Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi Scheme

Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi Scheme

  • The Ministry of Housing and Urban Affairs launched a micro-credit scheme for street vendors, which was announced by Finance Minister Nirmala Sitharaman on May 14 as a part of the economic package for those affected by the COVID-19 pandemic and lockdown.
  • The Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi Scheme is aimed at benefiting over 50 lakh vendors who had their businesses operational on or before March 24.
  • The scheme is valid till March 2022.
  • The vendors will be able to apply for a working capital loan of up to ?10,000, which is repayable in monthly instalments within a year.
  • On timely/early repayment of the loan, an interest subsidy of 7% per annum will be credited to the bank accounts of beneficiaries through direct benefit transfer on a six monthly basis.
  • There will be no penalty on early repayment of loan.
  • The Ministry said an online portal and mobile application were being developed to ensure speedy implementation of the scheme.
  • The loans would be without collateral.
  • The loans are meant to help kick-start activity for vendors who have been left without any income since the lockdown was implemented on March 25.

Source: TH


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