Chennai: Housing and Urban Affairs Ministry and Small Industries Development Bank of India, SIDBI have signed an MoU to engage SIDBI as the implementation agency for PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi).
The Ministry had launched the PM SVANidhi on 1 June for providing affordable working capital loan to street vendors to resume their livelihoods that have been adversely affected due to Covid-19 lockdown.
According to an official release, “as per the MoU terms, SIDBI will implement the PM SVANidhi Scheme under the guidance of the MoHUA. It will also manage the credit guarantee to the lending institutions through Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).”