More than 27 lakhs street vendors benefit from loans under the PM-SVANidhi program


Within months of the launch, around 27.34 lakhs of street vendors benefited from loans worth 10,000 rupees each offered under the PM Street Vendor government’s Atma-Nirbahr Nidhi (PM-SVANidhi) program. According to the Ministry of Housing and Urban Affairs, around 7.89 lakh of loans worth Rs 773.6 crore have already been disbursed. The Center received a total of 14.35 lakh requests under the program. As the Center aims to provide benefits to over 50 lakh street vendors, many more are expected to apply for loans under the program.

The data suggests that most of the street vendors – around 50% – who have received loans so far are from Uttar Pradesh (2.93 lakh beneficiaries) and Madhya Pradesh (1.53 lakh), reported the Times of India. The State Bank of India tops the rankings with around 90% of loans disbursed by the state bank alone.

The program allows sellers who have returned to their home countries due to the Covid-19 lockdown to qualify for loans. According to the government, the loan disbursement process has been made as smooth as possible. Public sector banks have been urged to come to the candidate’s door to ensure vendors restart their businesses at the earliest.

Finance Minister Nirmala Sitharaman announced on May 15 a special credit facility of Rs 5,000 crore for street vendors as part of the economic program. been negatively impacted by COVID-19.

Initially, working capital of up to Rs 10,000 is provided under the program. Those who accept digital payments also receive monetary rewards and credits based on good repayment behavior. Credit measures for street vendors are part of the government’s 20 lakh crore economic program announced by Prime Minister Narendra Modi in May.

Read also : Rs 5,000 crore special credit facility to support 50 lakh street vendors: FM

Read also: Over Rs 4 lakh crore loan disbursed to 3 crore farmers under PM-KISAN, says FM

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