Home Business Over 27.34 lakh vendors avail loan under PM-SVANidhi scheme

Over 27.34 lakh vendors avail loan under PM-SVANidhi scheme

by BQ News Bureau
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A total of 27,33, 497 vendors have received loan under the PM SVANidhi-Pradhan Mantri Street Vendor’s Atma-Nirbhar Nidhi scheme. Vendors who had left for their native places due to Covid-19 lock down are eligible for the loan on their return.

The scheme incentivises digital transactions i.e. receipts/ payments using digital means like UPI, QR-codes of payment aggregators, RuPay debit cards etc. by the street vendors through monthly cash back,  Said Durga Shanker Mishra, Secretary (MoHUA).

Most of the street vendors who were given loan through the SVANidhi scheme are repaying their loan on time proving that small-time borrowers do not compromise on their honesty and sincerity. Urban Local Bodies are playing pivotal role in the implementation of the scheme. They are leveraging the network of all stakeholders namely Street Vendor’s Associations, Business Correspondents/ Agents of Banks/ Micro-Finance Institutions (MFIs), Self-Help Groups (SHGs) and their federations, Digital Payment Aggregators like BHIM, PayTM, GooglePay, BharatPay, AmazonPay, PhonePe etc. in administering the scheme successfully.

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