Home >News >India >PM Modi says street vendors availed hassle-free loans under SVANidhi scheme
PM Narendra Modi (ANI)
PM Narendra Modi (ANI)

PM Modi says street vendors availed hassle-free loans under SVANidhi scheme

  • The PM SVANidhi scheme aims to provide affordable loans of up to 10,000 to more than five million street vendors whose businesses were operational on or before 24 March

NEW DELHI: Prime Minister Narendra Modi on Tuesday said loans under the Street Vendors’ Aatmanirbhar Nidhi (PM SVANidhi) scheme were given to hawkers without any collateral or pleading with officials.

Modi was speaking to the beneficiaries of the scheme from Uttar Pradesh in his second such interaction. Last month, PM Modi had spoken to the beneficiaries of the scheme from Madhya Pradesh.

“The scheme has made a transparent way for street vendors across the country to get loans. They have suffered during the lockdown. It is our duty to empower them now. The scheme has made it possible for street vendors to get loans without any problems. They don’t have to go plead in front of officials and can easily get loans through a portal," he said.

He said that the smooth implementation of such a scheme would not have been possible without the support from bank officials. Modi said this was the first time after independence that such a scheme had been introduced for street vendors.

The PM SVANidhi scheme aims to provide affordable loans of up to 10,000 to more than five million street vendors whose businesses were operational on or before 24 March. The ministry of housing and urban affairs launched the scheme in June and it is valid until March 2022.

The scheme was announced by finance minister Nirmala Sitharaman in May to ensure that street vendors, whose livelihoods were affected by the extended lockdown and restrictions following the coronavirus outbreak, can resume work.

PM on Tuesday interacted with beneficiaries from Agra, Varanasi and Lucknow. More than 6.53 lakh applications have been received while more than 3.70 lakh have been sanctioned and around 2.71 lakh loans disbursed under the scheme so far. Uttar Pradesh tops the table in loan disbursal to street vendors under the scheme.

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