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As regards the 2nd loan, 2.3 lakh loans have been sanctioned and 1.9 lakh loans amounting to Rs.385 crore have been disbursed, according to the official statement
Photo Credit : Abhishek Sharma/ BW Businessworld
The cabinet committee on economic affairs (CCEA) on Wednesday approved the continuation of lending under the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) till December 2024 to enhance collateral-free affordable loan corpus, increased adoption of digital transactions and holistic socio-economic development of the street vendors.
According to the official statement, the scheme was envisaged to facilitate loans for an amount of Rs. 5,000 crore. Today’s approval has increased the loan amount to Rs. 8,100 crore, thereby providing the street vendors working capital to further expand their business.
The approval is expected to benefit nearly 1.2 crore citizens of urban India, the statement added.
As of April 25, 2022, 31.9 lakh loans have been sanctioned and 29.6 lakh loans amounting to Rs. 2,931 crore have been disbursed.
As regards the 2nd loan, 2.3 lakh loans have been sanctioned and 1.9 lakh loans amounting to Rs.385 crore have been disbursed.
The beneficiary street vendors have conducted more than 13.5 crore digital transactions and have been given a cashback of Rs 10 crore. An amount of Rs.51 crore has been paid as interest subsidy, it said.