PM SVANidhi Scheme for Street Vendors: Review meeting to fast track scheme under Atmanirbhar Bharat held

Representational Image: PIB

New Delhi: In a bid to fast tract the PM SVANidhi Scheme for Street Vendors, an important review meeting was held on Tuesday to discuss several issues faced by the street vendors.

Several banks, NBFCs, MFIs participated in the review meeting held by Secretary of housing affairs ministry and DFS secretary.

The important discussion held during the meeting covered the issues faced by the street vendors in getting loans from banks, documentation related issues, providing UPI and QR codes to sanctioned beneficieries.

Application received: 3,95,000

Application sanctioned: 71,215

Loan disbursed: 17,317

The PM SVANidhi was launched by the Ministry of Housing and Urban Affairshad, on June 01, 2020 for providing affordable Working Capital loan to street vendors to resume their livelihoods that have been adversely affected due to Covid-19 lockdown.

This scheme targets to benefit over 50 lakh Street Vendors. Under the Scheme, the vendors can avail a working capital loan of up to Rs. 10,000, which is repayable in monthly instalments in the tenure of one year. On timely/ early repayment of the loan, an interest subsidy of 7% per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer on quarterly basis. There will be no penalty on early repayment of loan.

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