The Union Cabinet on Wednesday cleaned the restructuring and expansion of the Atmanirbhar Nidhi (PM Svanidhi) scheme to 31 March 2030.
Previously, the time of loans was up to 31 December 2024.
Expenditure £7,332 Crore, the scheme “aims to benefit 1.15 Crore recipients, including 50 new recipients of the Lakh,” the official statement said.
The key features of the PM Svanidhi system include an increased amount of loans across the first and second tranches, providing a credit card connected by UPI for recipients who have repaid a second loan, and digital incentives for cashback for retail and wholesale transactions.
The first limit of the tranše loan has been increased from £10,000 to £15 000 and the second of the £20,000 to £25 000 while the third tranše remains £50,000, he said.
The street vendors repaying their second loan in time will be entitled to a UPI-bound Rupay credit card to meet urgent business and personal needs.
This system will jointly implement the Ministry of Housing and the UNI (I can) and the Ministry of Financial Services, while the DFS is responsible for facilitating access to loans/credit cards via banks/financial institutions and their functionaries on the basis of.
According to the system, street sellers can use Cashback Upto incentives £1600 when creating retail and wholesale transactions.
“It also focuses on building street suppliers’ capacity focusing on business, financial literacy, digital skills and marketing through convergence. Standard hygiene and food safety training would be carried out for street sellers in cooperation with FSSAI,” he said.
The government launched 1 June 2020 PM Svanidhi scheme to support street sellers who face unprecedented hardships during the Covid-19 pandemic.
“The extension of the system assumes the holistic development of street sellers by offering a reliable source of funding to support business expansion and opportunities for sustainable growth,” the statement said. “This will not only seize the street dealer, but also support inclusive economic growth, socio -economic confidence of street sellers and their families, which strengthen their livelihoods and eventually transform urban spaces into a pulsating, self -sufficient ecosystem.”
(Tagstotranslate) Union Cabinet (T) PM Svanidhi Scheme
