About Rs 3,628 crore loans have been sanctioned below the PM SVANidhi or Pradhan Mantri Street Vendor’s Atmanirbhar Nidhi scheme to over 34 lakh road distributors since its launch, a senior authorities official stated on Wednesday.
Speaking at an occasion organised on the event of Civil Services Day, Department of Financial Services Secretary Sanjay Malhotra stated Rs 3,288 crore has been disbursed to 31.19 lakh beneficiaries below the scheme.
PM SVANidhi scheme was introduced as a part of Atmanirbhar Bharat Abhiyan in May 2020 to assist road distributors, who have been impacted by the COVID-19 pandemic, resume their livelihood actions.
As per the scheme, a vendor may avail of a working capital mortgage of as much as Rs 10,000 adopted by loans of Rs 20,000 and Rs 50,000 within the second and third tranches, respectively, on reimbursement of earlier tranche or tranches.
The mortgage quantity is immediately launched to beneficiaries by the lending establishments like banks at a concessional charge of seven per cent.
Making a case for incentivisation for digital transactions, Ministry of Housing and Urban Affairs (MoHUA) Secretary Manoj Joshi stated there’s a want to contemplate this in order that it’s additional promoted and dependency on money comes down.
Joshi additionally urged the banks to come back ahead for small-ticket loans like PM SVANidhi.
There is an area out there for small-ticket loans, he stated, including that banks must work out a mannequin to faucet this section.
He additionally stated that the MoHUA is within the technique of utility kind simplification so {that a} single utility can be utilized for successive loans.
Giving perspective on the scheme, Joshi stated the federal government just lately launched the ‘Svanidhi se Samriddhi’ programme in 126 further cities throughout 14 states and Union territories.
‘Svanidhi se Samriddhi’, a further programme of PM Svanidhi, was launched on January 4 final yr in 125 cities below the primary section, masking round 35 lakh road distributors and their households.
Source: www.financialexpress.com”