• India
More

    Over One Lakh loans were sanctioned under PM SVANIDHI scheme

    Must Read

    Covid 19 cases reached 35446 in Vadodara after 461 new cases on Saturday

    Total 323 discharged from hospital taking the total to 30229 The number of positive...

    Society of HR Professionals appeals citizens of Vadodara to donate plasma

    City HR professionals donate plasma to help recover corona patients Plasma is being used...

    Sonu Sood tests positive for Covid-19

    Actor Sonu Sood, who is among the most active celebrities providing relief to the needy during the...

    The number of applications received under PM Street Vendor’s Atmanirbhar Nidhi (PM SVANidhi) scheme has crossed the five lakh mark within 41 days of commencement of lending process. The number of loans sanctioned under the scheme has crossed one lakh.

    The PM SVANidhi scheme has generated considerable enthusiasm among the street vendors, who have been looking for access to affordable working capital credit for re-starting their businesses post COVID-19 lockdown.

    The scheme was launched by the Ministry of Housing and Urban Affairs under the ambit of ‘Atmanirbhar Bharat Abhiyan’. It aims at facilitating collateral free working capital loans upto 10 thousand rupees of one year tenure, to about 50 lakh street vendors in the urban areas, including those from the surrounding peri-urban/ rural areas.

    Incentives in the form of interest subsidy at seven per cent per annum on regular repayment of loan, cashback upto 1,200 rupees per annum on undertaking prescribed digital transactions and eligibility for enhanced next tranche of loan have also been provided.

    PM SVANidhi Scheme envisages bringing Banks at the door steps of these nano-entrepreneurs by engaging the Non-Banking Financial Companies (NBFCs) and the Micro-Finance Institutions (MFIs) as lending institutions.

     This is in addition to Scheduled Commercial Banks – Public and Private, Regional Rural Banks, Cooperative Banks, and SHG Banks.

    The onboarding of the vendors on digital payment platforms is a very important component to build the credit profile of the vendors to help them become part of the formal urban economy.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Latest News

    Sonu Sood tests positive for Covid-19

    Actor Sonu Sood, who is among the most active celebrities providing relief to the needy during the...

    Society of HR Professionals appeals citizens of Vadodara to donate plasma

    City HR professionals donate plasma to help recover corona patients Plasma is being used as an amulet to rescue...

    Sonu Sood tests positive for Covid-19

    Actor Sonu Sood, who is among the most active celebrities providing relief to the needy during the Covid-19 pandemic, has tested positive...

    20 patients recovered and discharged from BAPS Atladara covid Hospital

    Officer on Special Duty and Education Secretary Dr. Vinod Rao visited covid hospital at BAPS, Atalara on Friday night to review the...

    IAF chief Rakesh Bhadauria to flag off 6 Rafale fighters from France on April 21

    Indian Air Force chief Air Chief Marshal Rakesh Bhadauria will flag off six Rafale fighter jets from Merignac-Bordeaux airbase in south-western France...

    More Articles Like This

    - Advertisement -