Street Vendors Can Apply Easily For Loans Through PM’s Atmanirbhar Scheme App

by Tania Tarafdar
Street Vendors Can Apply Easily For Loans Through PM’s Atmanirbhar Scheme App

The government is taking baby steps to revive the economy hard-hit by COVID-19 pandemic. The government had previously launched The Street Vendors AtmaNirbhar Nidhi (PM SVANidhi) Scheme to provide street vendors with the credit for working capital to resume their businesses. But along with the credit facility to the vendors, there also comes a need to ensure that the vendors are able to do business in a harassment-free environment. In view of this, the government has now launched a mobile application for urban local bodies to get loan applications from street vendors under the PM SVANidhi scheme. Delhi To Open Hotels And Weekly Markets; Gyms To Remain Shut

Picture Credits: The Federal

PM SVANidhi App Aims To Provide User-Friendly Digital Interface

The app was launched by Union Minister Hardeep Singh Puri. Under the scheme, street vendors can avail a working capital loan of up to ₹ 10,000 which can be paid in monthly installments in a tenure of one year. The app aims to provide user-friendly digital interface for the functionaries of ULBs to source loan applications of street vendors. 16 Coronavirus Hot Spots Identified By The Indian Government

App To Boost Use Of Digital Technology

The application is a step towards boosting the use of digital technology and enabling field functionaries like Banking Correspondents and Agents of Non-Banking Financial Companies and Micro-Finance Institutions, who have proximity with the street vendors, to maximise coverage of the scheme. The launch of the mobile app is believed to give impetus to the implementation strategy of the scheme apart from promoting paper-less digital access of micro-credit facilities by the street vendors.

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Other Steps Taken To Help Street Vendors

According to reports, Mr Puri nteracted with urban development officers and encouraged them to link other schemes for economic upliftment of vendors. He also proposed a forum chaired by district collector and having representation of police and other relevant departments to help beneficiary raise their grievances in a conducive environment. According to the urban development ministry, more than 5.68 lakh applications have been received and over 1.3 lakh sanctioned across states and Union Territories since the commencement of online submission of applications on PM SVANidhi portal on July 2.

With the scheme and the application in place, vendors can achieve their and of going up on the economic ladder. They can now avail the facility of enhancement of the credit limit on timely repayment of loan.