The Municipal Corporation of Delhi (MCD) on Friday said it was honoured with the ‘Performance Recognition for Access to Financial Inclusion and Street Vendors Empowerment’ (PRAISE-2023-24) award.

The civic body said this coveted award, presented under the PM SVANidhi Scheme, is a recognition of its exceptional efforts and accomplishments in financial inclusion and empowering street vendors.

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The award ceremony took place on Thursday at the Stein Auditorium, India Habitat Centre in New Delhi.

Pradeep Kumar, Additional Commissioner, MCD, and Sanjeev Mishra, Deputy Commissioner, FLD, received the award on behalf of the MCD. The dedicated efforts, along with the commitment of the entire MCD team, have been instrumental in successfully implementing the PM SVANidhi Scheme, which aims to enhance financial access and support the empowerment of street vendors across Delhi.

The MCD has expressed gratitude to the Ministry of Housing and Urban Affairs for this recognition and vowed to remain committed to its mission of fostering financial inclusion and uplifting the lives of street vendors through innovative and effective initiatives.

The PM Street Vendor’s AtmaNirbharNidhi (PM SVANidhi) scheme, launched on June 1, 2020, is a Central sector scheme that aims to provide collateral-free working capital loans up to Rs 80,000 to urban street vendors incentivising regular repayment with a 7 per cent interest subsidy, rewarding digital transactions with cashback up to 1,200 per year.

The scheme extends its benefits to vendors from surrounding rural and peri-urban areas, employs Aadhaar-based e-KYC, utilises an end-to-end IT platform, and employs SMS-based notifications for application status updates. All lending institutions, including NBFCs/MFIs and DPAs, are encouraged to participate, aiming to alleviate urban poverty in India.

As of July 17, more than 86 lakh loans, amounting to over Rs 11,680 crore, have been disbursed to almost 65 lakh street vendors across India.