Madurai

Many street vendors yet to get loans

Only 20% of street vendors in this town who have applied for micro-credit scheme under PM SVANidhi have got loans from banks.

Majority of vendors, whose applications were collected and their genuineness was verified by the municipality, were yet to get loans, say applicants.

“It has been more than two months since the applications were collected by the municipality. The local body had created awareness using mobile public address system,” said R. Koilpillai, 65, who runs a petty shop on Sattur Road. Bank officials were rejecting ₹10,000-loan to vendors announced as a part of economic stimulus under Atmanirbhar Bharat Abhiyan. The vendors had to repay the loan, without any collateral, through monthly instalments in a year.

“We had collected 1,446 applications and uploaded them after verification. So far, banks have given loans to 312 applicants only,” said Municipal Commissioner S. Parthasarathy. Stating that the loan was being sanctioned based on CIBIL score of vendors, he said the last batch of applications was handed over to banks 20 days back. Bank officials could take sometime to process the applications.

Communist Party of India (Marxist) district secretary K. Arjunan said that the Centre was willing to give crores of rupees as loans to big corporates but is not ready to give small loans to poor street vendors. “This hype in announcement of assistance and not implementing them on the ground is nothing new,” he said.

Stating that even in the PM-KISAN scheme, the government had given a free run to all ineligible persons, he said all the actual people behind the huge scam have not been so far identified. “We want the banks to give loans to all poor vendors, who have been hit hard by the pandemic lockdown. Otherwise, we will mobile the vendors and stage a protest,” he said.

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Printable version | Mar 2, 2021 10:25:20 PM | https://www.thehindu.com/news/cities/Madurai/vendor/article33627696.ece

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