PM Svanidhi Scheme – The central government has approved the restructuring of the PM Street Vendors Self-Reliant Fund (PM Swanidhi) scheme and extending the loan period from 31 December 2024 to 31 March 2030. The total outlay of this scheme will be Rs 7,332 crore.
After restructuring, a total of 1.15 crore street vendors including 50 lakh new beneficiaries will get the benefit. This expansion will not only provide permanent financial support to the street vendors but will also pave the way for their socio-economic upliftment and empowerment of the urban economy.
Bhagalpur Municipal Corporation area will also get its benefit. A survey of about 7200 street vendors was conducted five years ago in the urban area. Out of which, 4300 street vendors got the benefit of the first, second and third phase loan under PM Swanidhi Yojana. The remaining vendors will get the benefit of the scheme in the next five years.
Along with this, there is a plan to survey the new vendors in the city and link them to the scheme. While 6600 out of 7200 have received Certificate of Vending. At the same time, 5800 have been provided with retail vendor identity cards. So that they can increase their employment and become financially strong.
Change in loan amount due to plan
The implementation of the scheme will be the joint responsibility of the Ministry of Housing and Urban Affairs and the Department of Financial Services. Under the new structure, the first installment loan has been increased from Rs 10,000 to Rs 15,000, the second installment from Rs 20,000 to Rs 25,000, while the third installment will remain unchanged at Rs 50,000.
Beneficiaries paying the second instalment will get the facility of UPI-linked RuPay credit card, enabling them to avail instant loans for emergency business or personal needs.
Digital transactions got a boost
To encourage digital transactions, street vendors will be able to avail cashback of up to Rs 1,600. Along with this, standard hygiene and food safety training will also be provided in collaboration with FSSAI. Under the ‘Swanidhi se Samriddhi’ initiative, emphasis will be laid on providing the benefits of various government schemes to the families by organizing monthly public welfare fairs.