Over 25 Lakh loan applications received under PM-SVANidhi program for street vendors: government



Over 25 lakh requests were received under the Atma-Nirbhar Nidhi (PM-SVANidhi) from street vendor Pradhan Mantri, a special micro-credit facility program, of which more than 12 lakh were sanctioned and about 5.35 lakh of disbursed loans, the Ministry of Housing and Urban Affairs (MoHUA) noted Wednesday (November 18).

Under this program, sellers who had left for their home country due to the Covid-19 lockdown are eligible for the loan upon their return.

In Uttar Pradesh, over 6.5 lakh requests were received, of which about 3.27 lakh were sanctioned and 1.87 lakh loans were disbursed. Stamp duty was exempt for SVANidhi Yojana’s loan agreement to UP, the statement said.

The ministry said that granting loans has become simple, as one can download the application on-line by oneself at any common service center or municipal office or by going to a bank.

Banks are reaching out to people to provide loans to help them start their businesses, he added.

The ministry said local urban organizations play a central role in the implementation of the program. They leverage the network of all stakeholders, including associations of street vendors, trade correspondents (CBs), bank agents, microfinance institutions, self-help groups (SHG) and their federations. Also, digital payment aggregators like BHIM, PayTM, GooglePay, BharatPay, AmazonPay, PhonePe, etc. also play an important role in the implementation of the program.

In order to ensure a rapid implementation of the program with transparency, accountability and consistency, a digital platform with web portal and mobile app was developed to administer the program with an end-to-end solution, he said. .

The IT platform integrates the web portal and mobile application with SIDBI’s UdyamiMitra portal for credit management and MoHUA’s PAiSA portal to automatically administer interest rate subsidies.

The program encourages digital transactions i.e. receipts and payments using digital means such as UPI, payment aggregator QR codes, RuPay debit cards, etc. by street vendors via monthly cash back.

The ministry further stated that most of the street vendors who received a loan under the SVANidhi program repay their loan on time, proving that small borrowers do not compromise their honesty and sincerity.



Comments are closed.