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New Delhi: Public sector banks have sanctioned 95% of the total loans under PM SVANidhi scheme which aims at providing street vendors loans of up to Rs 10,000 to restart their business post the Covid-induced lockdown last year.
The Centre launched the PM Street Vendors’ Aatmanirbhar Nidhi (PM SVANidhi) scheme on June 1 last year.
“Public Sector Banks at the forefront of #PMSVANidhi! have sanctioned 23,16,207 loans as on 31/05/2021, which is over 95% of total loans sanctioned under this scheme. Creating #AatmaNirbharVendors for an #AatmaNirbharBharat!,” Department of Financial Services under the Finance Ministry said in a tweet. Total applications sanctioned under the scheme were 24.21 lakh as on May 30, it said.
Under the scheme, a collateral-free working capital loan of up to Rs 10,000 of one-year tenure is being provided. The scheme aims at financing approximately 50 lakh street vendors, to resume their businesses.
Incentives in the form of interest subsidy (at 7% per annum) and cashback (up to Rs 1,200 per annum) are being provided to promote good repayment behaviour and digital transactions, respectively.