- News>
- Personal Finance
API integration between PM SVANidhi, SBI portal launched --These will be the benefits
This integration will facilitate seamless flow of data between the two portals.
Highlights
- PM SVANidhi Scheme gives affordable loan to street vendors.
- Those adversely affected due to Covid-19 lockdown can be benefitted.
- This scheme targets to benefit over 50 lakh Street Vendors.
New Delhi: As a part of Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme, the Application Programming Interface (API) integration between the PM SVANidhi Portal and the State Bank of India (SBI) portal was launched on Wednesday.
Durga Shanker Mishra, Secretary, Ministry of Housing & Urban Affairs launched the Application Programming Interface.
This integration will facilitate seamless flow of data between the two portals i.e. PM SVANidhi Portal and SBI's eMudra Portal in a secure environment and expedite the loan sanctioning and disbursement process, which will benefit the street vendors seeking working capital loan under the Scheme. Ministry would be exploring similar integration with other banks as well for which a consultative meeting will be held shortly.
The Ministry is implementing PM SVANidhi Scheme since 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 who had been vending on or before 24 March, 2020, in urban areas including those from surrounding peri-urban/ rural areas.
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. 1,200 per annum. The vendors can fulfil their aspiration of climbing up the economic ladder by availing the facility of enhanced credit limit on timely/ early repayment of loan.
As on October 6, 2020, over 20.50 lakh loan applications have been received under the PM SVANidhi Scheme. Out of these over 7.85 lakh loans have been sanctioned and over 2.40 lakh loans disbursed, an official release said.