On June 29, 2020, Shri Durga Shanker Mishra, Secretary of Housing & Urban Affairs has rolled out the Beta version webportal for street vendors loan scheme Pradhan Mantri Street Vendors’ AtmaNirbhar Nidhi –PMSVANidhi (http://pmsvanidhi.mohua.gov.in/) developed by SIDBI (Small Industries Development Bank of India) to provide end-to-end solutions for scheme management.
Features of the portal:
- Various plan functions will be facilitated through this portal such as loan application flow, mobile app, e-KYC (Know Your Customer) for applicants, integration with UIDAI (Unique Identification Authority of India), Udyamimitra, NPCI (National Payments Corporation of India), PAiSA, lenders, states, ULBs and other stakeholders, digital incentives Calculation and payment of interest subsidy etc.
- One of the key features of this portal is to connect beneficiaries with digital payment aggregators and attract them for digital transactions. AmazonPay, FTCash, MSwipe, PayTM, PaySwiff, and PhonePe have offered to bring vendors to the table free of cost including their expenses.
The portal will start accepting applications for loan receipt from street vendors from July 2,2020, who can apply directly or with the help of CSC / ULB / SHG.
About PMSVANidhi scheme:
- Started on June 1, 2020 in the wake of coronavirus (COVID-19) crisis, this loan scheme provides a working capital loan of up to Rs. 10,000 to street vendors. One year time will be given to repay the capital received under this scheme, sellers will be able to pay the loan through monthly installments during this period.
- Also, if the beneficiaries make payments on the loan taken on time or before the stipulated date, then under this scheme they will be provided an interest subsidy of 7% (annual) through Direct Benefit Transfer (DBT) at an interval of 6 months.
- This is the first time when Micro Finance Institutions- MFIs / Non Banking Financial Company- NBFC / Self Help Group (SHG), banks have been selected from the poor population of urban area is included in any linked scheme.
About Ministry of Housing & Urban Affairs:
Headquarters– New Delhi
Minister of State (Independent Charge)– Hardeep Singh Puri