: Over 5.5 Lakh loans sanctioned to Street Vendors under PM SVANidhi scheme #FinanceIndia #StockMarketNEWS Over 5.5 Lakh loans sanctioned to Street Vendors under PM SVANidhi scheme New Delhi, Sept 25

@StockMarketNEWS Sat 26 Sep, 2020

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Over 5.5 Lakh loans sanctioned to Street Vendors under PM SVANidhi scheme #FinanceIndia #StockMarketNEWS
Over 5.5 Lakh loans sanctioned to Street Vendors under PM SVANidhi scheme New Delhi, Sept 25 (KNN) Union Government has stated that more than 15 lakh loan applications have been received so far under the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme. Out of these, more than 5.5 lakh loans have been sanctioned and about 2 lakh loans disbursed.

The Ministry of Housing & Urban Affairs is implementing PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme to facilitate a collateral-free working capital loan to 50 lakh street vendors to restart their businesses post COVID-19 lockdowns.

PM SVANidhi Yojana or Pradhan Mantri Street Vendor’s Atmanirbhar Nidhi (PM SVANidhi) Scheme was launched on 1 June 2020 by Central government to provide short term loans of up to Rs. 10,000 to street vendors.

Aiming to ensure that daily wage earners like the vegetable seller, fruits seller earns their livelihood. These short term assistance of Rs. 10,000 will enable small street vendors to restart their work which is badly hit due to Coronavirus (COVID-19) lock-down. This scheme was earlier announced by FM Nirmala Sitharaman in the Rs. 20 lakh crore Atmanirbhar Bharat Abhiyan Package.

In order to expedite the loan sanctioning process and provide ease of operation to the lenders, it has been decided to push the applications directly to the bank branches, which have been indicated by the Vendor as ‘Preferred Lender’ OR where the Vendor holds a savings bank account in case ‘Preferred Lender’ is not indicated.

This process is expected to give a boost to the number of loans sanctioned and cut down the time for loan disbursal drastically.

The software has been developed to facilitate the above-mentioned process, which was made operational on September 11, 2020. Approximately 3 lakh applications would be pushed to the banks using this software.

Henceforth, the applications would be pushed to the Preferred lenders on a daily basis and for those where no Preferred Lender is indicated, on a weekly basis.

These measures are expected to accelerate the implementation of PM SVANidhi Scheme by the Lending Institutions in making the street vendors access the benefits of the Scheme and to become AtmaNirbhar.