The Centre on Wednesday approved the continuation of the Prime Minister Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) scheme till December 2024, according to an official statement.

The approval was given by the Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi, the statement said, adding that through PM SVANidhi, affordable collateral-free loans are given to street vendors.

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"Today's approval has increased the loan amount to Rs 8,100 crore, thereby providing the street vendors working capital to further expand their business and making them AtmaNirbhar," the statement said.

The budget for the promotion of digital payments, including cashback to the vendors, has also been enhanced. The approval is expected to benefit nearly 1.2 crore people in urban India, the Centre said.