PM Modi says street vendors availed hassle-free loans under SVANidhi scheme
- IBEF
- October 28, 2020
On Tuesday, Prime Minister, Mr. Narendra Modi stated that loans were issued to hawkers without any collateral or pleading with officials under the Street Vendors' Aatmanirbhar Nidhi (PM SVANidhi) scheme.
In his second such interaction, Modi was referring to Uttar Pradesh 's beneficiaries of the scheme. PM Modi talked to the Madhya Pradesh beneficiaries of the scheme last month.
“The scheme has made a transparent way for street vendors across the country to get loans. They have suffered during the lockdown. It is our duty to empower them now. The scheme has made it possible for street vendors to get loans without any problems. They don’t have to go plead in front of officials and can easily get loans through a portal," he said.
He stated that, without the assistance of bank officials, it would not have been possible to smoothly enforce such a scheme. Mr. Modi stated that this was the first time that such a system for street vendors had been launched since independence.
The objective of the PM SVANidhi scheme is to provide affordable loans of up to Rs. 10,000 (US$ 135.23) to more than five million street vendors whose enterprises were operational on or before 24 March. In June the scheme was launched by the Ministry of Housing and Urban Affairs and is valid until March 2022.
The scheme was announced in May by Finance Minister Mrs. Nirmala Sitharaman to ensure that work can be resumed by street vendors whose livelihoods were affected by the prolonged lockdown and restrictions after the coronavirus outbreak.
PM interacted with recipients from Agra, Varanasi and Lucknow on Tuesday. More than 6.53 lakh applications were received, and more than 3.70 lakh were approved and so far about 2.71 lakh loans have been disbursed under the scheme. Under the method, Uttar Pradesh tops the table in credit disbursement to street vendors.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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