Through Kudumbashree, 51,046 beneficiaries were provided loans through the PM SVANidhi scheme implemented by the Ministry of Housing and Urban Affairs to provide livelihood to urban street vendors. The project is being implemented in convergence with all the banks in the state. Out of this, SBI is leading with 25,984 loans and Canara Bank with 10,485 loans. The aim is to connect maximum number of street vendors with the project by December 2023 and provide them with better employment opportunities.
PM SVANidhi is a scheme launched by the central government to provide small credit facilities to street vendors who have lost their livelihood during the spread of covid-19 to restore their employment and income. Under the scheme, the beneficiaries will get a loan of Rs 10,000, Rs 20,000 and Rs 50,000 each in the first, second and third phases respectively. The next phase loan will be available on completion of the repayment of the loan given in each phase, thus each beneficiary will get a maximum loan of Rs 80,000. At present, 6531 beneficiaries have been provided with second phase loans and 1926 beneficiaries with third phase loans. Beneficiaries are also relieved to get 7 percent interest subsidy on the loan. Also, those who make payments through digital platforms will also get a special incentive.
In order to get a loan, one needs to provide a letter from the Urban Local Body certifying that he is a street vendor, a vending certificate, any of these, and an Aadhaar card. It is also very comforting for the street vendors that there is no need to provide collateral to get the loan. Currently, the scheme implemented by Kudumbashree in all 93 ULBs of the state is helping to ensure better employment and income for the street vendors working in the unorganized sector. The implementation of PM SVANidhi is a part of the National Urban Livelihood Mission(NULM) project implemented by Kudumbashree in convergence with the Urban Local Bodies.
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PM SVANidhi- 51,046 beneficiaries availed loans to arrange livelihood