New Delhi, Sep 9 (IANS): Lauding Prime Minister Narendra Modi for the PM SVANidhi scheme aimed to benefit street vendors across the country, Union Home Minister Amit Shah on Wednesday said that the scheme is making small businesses self-dependent.

Shah expressed his views after the Prime Minister held 'Svanidhi Samvaad' with street vendors from Madhya Pradesh earlier in the day.

"PM SVANidhi is making small businesses 'Atmanirbhar' and playing a key role in the realisation of a new India."

"Development of India is incumbent upon the development of every citizen and PM Modi is committed to empower all sections of society. The PM SVANidhi scheme, which aims to empower the street vendors, is a result of his farsightedness and sensitivity towards the welfare of the poor," Shah said in a series of tweets.

The Minister said that the PM SVANidhi scheme is serving crores of poor people by reviving their means of livelihood during COVID-19 pandemic.

The central government launched the scheme on June 1 to help poor street vendors impacted by coronavirus lockdown and aims to help them resume livelihood activities. This scheme targets to benefit over 50 lakh street vendors.

Under the scheme, a vendor can avail a working capital loan of up to Rs 10,000, which is repayable in monthly instalments over one year. On timely and early repayment, an interest subsidy at 7 per cent per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer on a quarterly basis.

There will be no penalty on early repayment of loan.

The scheme promotes digital transactions through cashback incentives, of up to Rs 100 per month. Moreover, vendors can achieve their ambition of going up on the economic ladder by availing of the facility of escalation of the credit limit on timely and early repayment of loans.