PM Modi lauds beneficiaries of SVANidhi Yojana from UP

Prime Minister Narendra Modi

New Delhi (NVI): Prime Minister Narendra Modi today interacted with street vendors from Uttar Pradesh who had availed of loans under the PM Street Vendors Atmanirbhar Nidhi (PM SVANidhi) and said most of the beneficiaries were repaying their loans on time.

The Prime Minister while interacting with the beneficiaries via video conference gave suggestions on benefits of digital payment and how to get cashback benefits. He also said with this money one can have proper education and a better career.

The scheme, which provides vendors collateral-free working capital loans of Rs 10,000, was announced on June 1 as a part of the government’s Atmanirbhar Bharat package in the wake of the COVID-19 pandemic and economic crisis.

So far, 24.76 lakh applications have been received, of which 12.37 lakh have been sanctioned and over 5 lakh loans have been disbursed, according to the PM SVANidhi portal.

While addressing the street vendors, PM Modi said Uttar Pradesh accounted for 6.5 lakh applications and 4.25 lakh approved loans.

Modi interacted with vendors from Agra, Varanasi and Lucknow, and asked them about their experiences with the lockdown and the scheme.

Later in his address, the Prime Minister said earlier it was difficult for even the salaried people to approach the banks for loans while the poor and the street vendors could not even think of approaching the bank. But now, he said, the banks are reaching the doorsteps of people to provide loans for helping the latter start their ventures.

“For for the first time since independence street vendors are getting unsecured affordable loans,” he said, adding, “Most of the street vendors who were given the loan through the Swanidhi scheme are repaying their loan on time proving that small time borrowers do not compromise on their honesty & sincerity.”

Later, PM Modi congratulated bank employees for their efforts in disbursing loans.