PM Modi Launch the SVANidhi Scheme for Benefits for Street Vendors.
The government has so far received over 24 lakh applications under the PM SVANidhi scheme, out of that over 12 lakh sanctioned, and concerning 5.35 lakh loans have been disbursed.
Prime Minister Narendra Modi will meet with the beneficiaries of the PM SVANidhi Scheme via video conferencing at 10:30 am tomorrow. The interaction will be witnessed by beneficiaries of the scheme from across Uttar Pradesh. In the wake of the coronavirus pandemic and the consequent disruptions in the livelihood of street vendors, the government had launched PM Street Vendor’s AtmaNirbhar Nidhi scheme on 1 June 2020.
The scheme was aimed towards serving poor street vendors compact by Covid-19 in resuming their livelihoods. The scheme was among the varied measures taken to stay the wheels of the informal economy turning.
The government has so far received over 24 lakh applications, out of that more than 12 lakh have been sanctioned and concerning 5.35 lakh loans have been disbursed, the Prime Minister’s Office said in a statement. The government added that in Uttar Pradesh, more than 6 lakh applications have been filed, out of which about 3.27 lakh have been sanctioned, and 1.87 lakh loans have been disbursed.
Under the PM SVANidhi scheme, street vendors could get a working capital loan up to Rs 10,000 at a subsidized rate of interest. The government had associate an interest subsidy of 7 percent will be credited back to the beneficiaries who repay timely. Also, the vendors might avail the facility of the increased credit limit on timely repayment.
Meanwhile, in a trial to bring the microcredit facility under the scheme to the doorsteps of street vendors, the government had launched PM SVANidhi Mobile App. This app gave an easy digital interface for lending institutions for sourcing and processing loan applications of street vendors.