Narendra Modi to interact with street vendors benefitted from PM SVANidhi scheme in UP

Narendra Modi to interact with street vendors benefitted from PM SVANidhi scheme in UP

street vendor, PM SVANidhi, microcredit, atmanirbhar bharatIn Uttar Pradesh, over 6 lakh applications have been filed under PM SVANidhi scheme, out of which about 3.27 lakh have been sanctioned, and 1.87 lakh loans have been disbursed.

Prime Minister Narendra Modi will interact with the beneficiaries of the PM SVANidhi Scheme via video conferencing at 10:30 am tomorrow. The interaction will be witnessed by beneficiaries of the scheme from across Uttar Pradesh. In the wake of the coronavirus pandemic and the consequent disruptions in the livelihood of street vendors, the government had launched PM Street Vendor’s AtmaNirbhar Nidhi scheme on 1 June 2020. The scheme was aimed at helping poor street vendors impacted by Covid-19 in resuming their livelihoods. The scheme was among the various measures taken to keep the wheels of the informal economy turning. 

The government has so far received over 24 lakh applications, out of which more than 12 lakh have been sanctioned and about 5.35 lakh loans have been disbursed, the Prime Minister’s Office said in a statement. The government added that in Uttar Pradesh, more than 6 lakh applications have been filed, out of which about 3.27 lakh have been sanctioned, and 1.87 lakh loans have been disbursed.

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Under the PM SVANidhi scheme, street vendors could get a working capital loan up to Rs 10,000 at a subsidized rate of interest. The government also incentivized regular repayment of the loan and rewarded digital transactions. The government had underlined that an interest subsidy of 7 per cent will be credited back to the beneficiaries who repay timely. Also, the vendors could avail the facility of the increased credit limit on timely repayment. It was for the first time that the government brought schemes or relief measures for the street vendors of the country.

Meanwhile, in an effort to bring the microcredit facility under the scheme to the doorsteps of street vendors, the government had launched PM SVANidhi Mobile App. This app gave a user-friendly digital interface for lending institutions for sourcing and processing loan applications of street vendors.

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