News & Announcement
District-Level Meeting on Rollout of PM SVANidhi Scheme Held in Pakyong District
Pakyong, April 4 (IPR): A district-level meeting on the rollout of the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme of the Ministry of Housing and Urban Affairs was held today for Census Town Rhenock. The meeting was organised by the Urban Development Department, Gangtok, at the Conference Hall of the District Administrative Centre (DAC), Pakyong.
The PM SVANidhi scheme, launched on June 1, 2020, by the Government of India, is a special micro-credit facility aimed at providing affordable working capital loans to street vendors. Introduced as part of the COVID-19 relief measures, the scheme supports vendors in resuming and sustaining their livelihood activities.
Additionally, the scheme’s coverage has been expanded beyond statutory towns to include census towns and peri-urban areas, thereby bringing more street vendors under its ambit. The restructured scheme also aims to benefit a larger number of new vendors across the country.
The meeting was attended by the Special Secretary, UDD, (MD DAY-NULM), Mr Jigmee Wangchuk Bhutia; District Collector, Pakyong, Mr Rohan Agawane; SDM, (HQ) Pakyong, Mr Thendup Lepcha, along with BDO, Rhenock, Mr SK Dhungana; Assistant Director, UDD (DAY-NULM), Ms Beena Moktan and officials from UDD, Gangtok.
During the meeting, District Collector, Pakyong, directed the concerned officials to constitute a district-level committee in accordance with the scheme guidelines and to initiate the process of identification of eligible street vendors, so as to ensure timely and effective implementation of the scheme.
Assistant Director, UDD (DAY-NULM), briefed on the PM SVANidhi scheme through a detailed PowerPoint presentation. She highlighted the key features of the restructured scheme and explained that it was introduced during the COVID-19 pandemic as a relief measure to support street vendors and facilitate the revival and upliftment of their livelihoods.
During the presentation, she elaborated on the loan structure under the scheme, which provides collateral-free working capital loans in three tranches—up to ₹15,000 for the first tranche, ₹25,000 for the second, and ₹50,000 for the third—along with an interest subsidy to promote timely repayment. She also emphasised the promotion of digital transactions through cashback incentives and the provision of UPI-linked RuPay credit cards.
Further, she outlined the objectives of the scheme, including financial inclusion, economic support to street vendors and encouragement of digital transactions. The roles and responsibilities at the State and District levels were also discussed, focusing on effective implementation, identification of beneficiaries, and monitoring of loan disbursement.
The meeting concluded with discussions on ensuring coordinated efforts for the successful implementation of the PM SVANidhi scheme in the district.
The PM SVANidhi scheme, launched on June 1, 2020, by the Government of India, is a special micro-credit facility aimed at providing affordable working capital loans to street vendors. Introduced as part of the COVID-19 relief measures, the scheme supports vendors in resuming and sustaining their livelihood activities.
Additionally, the scheme’s coverage has been expanded beyond statutory towns to include census towns and peri-urban areas, thereby bringing more street vendors under its ambit. The restructured scheme also aims to benefit a larger number of new vendors across the country.
The meeting was attended by the Special Secretary, UDD, (MD DAY-NULM), Mr Jigmee Wangchuk Bhutia; District Collector, Pakyong, Mr Rohan Agawane; SDM, (HQ) Pakyong, Mr Thendup Lepcha, along with BDO, Rhenock, Mr SK Dhungana; Assistant Director, UDD (DAY-NULM), Ms Beena Moktan and officials from UDD, Gangtok.
During the meeting, District Collector, Pakyong, directed the concerned officials to constitute a district-level committee in accordance with the scheme guidelines and to initiate the process of identification of eligible street vendors, so as to ensure timely and effective implementation of the scheme.
Assistant Director, UDD (DAY-NULM), briefed on the PM SVANidhi scheme through a detailed PowerPoint presentation. She highlighted the key features of the restructured scheme and explained that it was introduced during the COVID-19 pandemic as a relief measure to support street vendors and facilitate the revival and upliftment of their livelihoods.
During the presentation, she elaborated on the loan structure under the scheme, which provides collateral-free working capital loans in three tranches—up to ₹15,000 for the first tranche, ₹25,000 for the second, and ₹50,000 for the third—along with an interest subsidy to promote timely repayment. She also emphasised the promotion of digital transactions through cashback incentives and the provision of UPI-linked RuPay credit cards.
Further, she outlined the objectives of the scheme, including financial inclusion, economic support to street vendors and encouragement of digital transactions. The roles and responsibilities at the State and District levels were also discussed, focusing on effective implementation, identification of beneficiaries, and monitoring of loan disbursement.
The meeting concluded with discussions on ensuring coordinated efforts for the successful implementation of the PM SVANidhi scheme in the district.
