60% of funds allocated to PM SVANidhi utilised by March 31: RTI reveals

Over 60% of ₹2,096.49 crore funds allocated to the PM SVANidhi scheme has been utilised; 84.51 lakh loans extended, highest uptake in fruits and vegetables

April 24, 2024 01:17 pm | Updated 02:21 pm IST - New Delhi

Prime Minister Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi) was launched in June 2020. Photo: X/@pmsvanidhi

Prime Minister Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi) was launched in June 2020. Photo: X/@pmsvanidhi

Over 60% of the funds (₹2,096.49 crore) allocated to the PM SVANidhi scheme has been utilised as of March 31, revealed the Ministry of Housing and Urban Affairs in response to an RTI query.

Prime Minister Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi), which was launched in June 2020, has extended more than 84.51 lakh loans till April 23, as per the real-time data on SVANidhi website. Out of which, over 30.11 lakh loans have been repaid so far.

The fruits and vegetable sector has the highest uptake of loans under the scheme, revealed the RTI reply.

As per the reply to the RTI query filed by ANI, the Ministry of Housing and Urban Affairs informed: “The Centre allocated ₹2,096.49 crore as total outlay for the PM SVANidhi scheme till the financial year 2027-28. Out of the total outlay, the amount of ₹1,262.60 cr has been utilised as of March 31.”

The scheme facilitates collateral-free first working capital loans up to ₹10,000 in the first tranche, and then ₹20,000 and ₹50,000 in the second and third tranches respectively.

MoHUA launched Prime Minister Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi) Scheme on June 1, 2020 with the aim to facilitate collateral-free working capital loans to street vendors to restart their businesses, which were adversely impacted by the COVID-19 pandemic. So far, over 1.07 crore applications have been submitted for loans in three categories.

As per the real-time data on the SVANidhi website, 88.40 lakh loans have been sanctioned as of April 23. The Ministry said that applicants not being a street vendor or previously defaulted on loans are the primary reasons for the rejection of loan applications.

The Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme is a micro-credit programme launched by the Ministry of Housing and Urban Affairs (MoHUA) on June 1, 2020 to help street vendors overcome the economic challenges of the COVID-19 pandemic.

The scheme provides collateral-free working capital loans of up to ₹10,000 for a one-year term, with subsequent loans of ₹20,000 and ₹50,000 at a 7% interest subsidy. The scheme also provides incentives for timely loan repayment and encourages digital payments with a monthly cashback of up to ₹100.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.