In order to implement Prime Minister Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi), the Ministry of Housing and Urban Affairs (MoHUA) inked a Memorandum of Understanding (MoU) with Small Industries Development Bank of India (SIDBI). The PM SVANidhi scheme is a special micro-credit facility for street vendors.
As per the agreement, PM SVANidhi scheme will be implemented by SIDBI under the guidance of MoHUA. The bank will ensure the implementation by providing a Project Management Unit (PMU) consisting of domain experts in training/ capacity building, project and platform management, banking, NBFC and MFI sectors etc. SIDBI will also be leveraging the network of lending institutions for the scheme. The credit guarantee to the lending institutions would also be under the SIDBI through Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).