Modi government's PM SVANidhi Scheme: Big boost! Mobile app launched, relief for street vendors
This will provide user-friendly digital interface to street vendors for their loan applications.
In a major development, to make it easier for street vendors to access working capital and resume their business, Prime Minister Street Vendors AtmaNirbhar Nidhi (PM SVANidhi) Scheme mobile app has been launched. This will provide user-friendly digital interface to street vendors for their loan applications.
Hardeep Singh Puri, Minister of State (I/C), Housing and Urban Affairs, launched the mobile app for Urban Local Bodies (ULB) functionaries after interaction with Urban Development Ministers, Chief Secretaries, UD Secretaries/Principal Secretaries, DGPs, Collectors / SPs / SSPs / Municipal Commissioners / Chief Executive Officers of 125 cities.
"While the Scheme provides the credit facility to the vendors, there is a requirement to ensure that they are able to do business in a harassment free environment," Ministry of Housing and Urban Affairs said in a statement.
Reviewed the implementation status & progress of #PMSVANidhi Scheme with state UD Ministers, Chief Secys, Municipal Commissioners, DGPs & other senior officials of different states & UTs. pic.twitter.com/ad3MfY516U
— Hardeep Singh Puri (@HardeepSPuri) August 19, 2020
-PM SVANidhi was launched by the Ministry 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 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 @ 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.
- The vendors can achieve their ambition of going up the economic ladder by availing the facility of enhancement of the credit limit on timely/ early repayment of loan.
Ministry of Housing and Urban Affairs says, "Since commencement of online submission of applications on PM SVANidhi portal on 2nd July 2020, more than 5.68 lakh applications have been received and over 1.30 lakh have been sanctioned in different States and UTs. With the purpose of taking the microcredit facility to the door step of the vendors a Mobile App for Lending Institutions has already been launched by the Ministry and is available on google play store."
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.