PSBs sanction 95% of all loans under PM SVANidhi scheme for street vendors

Scheme provides working capital up to Rs 10,000 repayable in a year to hawkers, who get 7% interest subsidy from govt; banks get graded guarantee cover

Public sector banks have been at the forefront for advancing loans under the PM Street Vendors Atmanirbhar Nidhi (PM SVANidhi), and have sanctioned 2.316 million loans, about 95% of total loans sanctioned under this scheme as on May 31.

About 2.421 million loans have been sanctioned as on May 31, and 2.064 loans have been disbursed as on May 31, the Department of Financial Services said in a tweet. About 2.427 million loans have been sanctioned, and 2.065 million have been disbursed under the PM SVANidhi scheme as on date.

The PM-SVANidhi was launched to provide working capital loans up to Rs 10,000 to about 5 million street vendors. The loan has a tenure of one year, and is to be repaid in monthly instalments. Street vendors availing themselves of loans under the scheme get a 7 per cent interest subsidy from the government, and banks get graded guarantee cover for the loans sanctioned. The scheme is administered by Ministry of Housing and Urban Affairs (MoHUA).