PSBs sanctioned over 90% loans under PM SVANidhi to street vendors: FinMIn

The finance ministry on Friday said public sector banks (PSBs) have sanctioned over 90 per cent loans under the PM SVANidhi scheme to help registered street vendors restart their business post the Covid-19 lockdown.

The union government had launched the PM Street Vendor's AatmaNirbhar Nidhi (PM SVANidhi) scheme on June 1 to help poor street vendors impacted by the Covid-19 pandemic resume livelihood activities.

Under the scheme, street vendors of urban areas get collateral-free loan of up to Rs 10,000 for a period of one year.

The scheme was part of Rs 20.97 trillion Aatmanirbhar Bharat Abhiyan package announced by Finance Minister Nirmala Sitharaman in May.

"PSBs at the forefront of #PMSVANidhi. Over 90% of loans under the scheme are sanctioned by PSBs. Committed to create #AatmaNirbharVendors for an #AatmaNirbharBharat!," the Department of Financial Services said in a tweet.