More than 25 lakh applications have been received under the PM SVANidhi-Pradhan Mantri Street Vendor’s Atma-Nirbhar Nidhi- A Special Micro-Credit Facility Scheme, out of which more than 12 lakh have been sanctioned and about 5.35 lakh loans disbursed.

In the state of Uttar Pradesh, more than 6.5 lakh applications have been received, out of which about 3.27 lakh have been sanctioned and 1.87 lakh loans have been disbursed. The stamp duty has been exempted for the loan agreement of SVANidhi Yojana in UP.

Vendors who had left for their native places due to Covid-19 lockdown are eligible for the loan on their return. The provision of loans has become hassle-free as one can upload the application online on their own at any common service centre or Municipal office or by going to a bank.

Banks are reaching the doorsteps of people to provide loans for helping them start their ventures. Prime Minister Narendra Modi has appreciated the hard work done by the bank staff, saying that, “There was a time when street vendors did not go inside the bank but today the bank is going to their home.”

In order to ensure fast implementation of the scheme with transparency, accountability and consistency, a digital platform with web portal/ mobile app has been developed to administer the scheme with end-to-end solution.

The IT platform integrates the web portal/ mobile app with UdyamiMitra portal of SIDBI for credit management and PAiSA portal of MoHUA to administer interest subsidy automatically.

The scheme incentivises digital transactions i.e. receipts/ payments using digital means like UPI, QR-codes of payment aggregators, RuPay debit cards etc. by the street vendors through monthly cashback.