PM Svanidhi scheme extended to 2030: Lening limit increases, street vendors to get credit card - all you need to know

The trade union cabinet on Wednesday cleared the restructuring and expansion of the Atmanirbhar Nidhi (Prime Minister Svanidhi) scheme of the Prime Minister until March 31, 2030. Earlier, the lending period was until December 31, 2024. With a total layout of £ 7,332 crore, the benefits of the benefits of the benefits of the benefits of 1.15 presented. said. The main features of the Prime Minister Svanidhi Scheme include an improved loan amount over first and second parts, provision of UPI-linked Rupay credit card for beneficiaries who repaid the second loan, and digital cashback incentives for retail and wholesale transactions. The first tranche loan limit was increased from £ 10,000 to £ 15,000 and the second from £ 20,000 to £ 25,000, while the third Tranche stays at £ 50,000, it rang. Street sellers who repay their second loan on time are eligible for an UPI-linked Rupay credit card to meet emerging business and personal needs. The scheme will be jointly implemented by the Union Ministry of Housing and Urban Affairs (Mohua) and the Department of Financial Services, with DFS responsible for facilitating access to loan/credit cards by banks/financial institutions and their ground level functionaries. According to the scheme, street vendors can use the incentives of Cashback incentives of up to £ 1,600 to make retail and wholesale transactions. It also focuses on building the capacity of the street vendors with a focus on entrepreneurship, financial literacy, digital skills and marketing through convergence. Standard hygiene and food safety training will be offered to street food vendors, in partnership with FSSAI, “the statement says. The government launched the Prime Minister Svanidhi Scheme on June 1, 2020 to support street sellers who faced unprecedented hardship during the Covid-19 pandemic. Present reliable source of finance to support business expansion and opportunities for sustainable growth, “the statement reads.” It will not only empower street vendors, but also inclusive economic growth, socio -economic upliftment of street vendors and their families who improve their livelihood and ultimately transform urban spaces into a live, self -sustaining ecosystem.