Cabinet Approves Extension, Restructuring Of PM SVANidhi Scheme Till 2030

The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the restructuring and extension of the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme. The lending period, which was earlier valid till December 31, 2024, has now been extended to March 31, 2030. The total outlay for the restructured scheme is ₹7,332 crore.

 

The government said the revised scheme will cover 1.15 crore beneficiaries, including 50 lakh new street vendors. Implementation will be jointly handled by the Ministry of Housing and Urban Affairs and the Department of Financial Services.

 

Under



the new provisions, the loan amount in the first and second tranches has been increased. The first tranche will now provide up to ₹15,000, instead of ₹10,000 earlier, and the second tranche has been raised to ₹25,000 from ₹20,000. The third tranche of ₹50,000 remains unchanged. Beneficiaries who repay the second loan will also become eligible for a UPI-linked RuPay Credit Card.

 

To promote digital transactions, vendors can avail cashback incentives of up to ₹1,600 on retail and wholesale payments. The scheme’s coverage is also being expanded beyond statutory towns to census towns and peri-urban areas in a phased manner.