Higher loans, credit cards coming street vendors' way
Higher loans, credit cards coming street vendors' way
NEW DELHI: With the contours of the revamped PM SVANidhi scheme having been finalised, street vendors will be getting higher subsidised loans, as well as credit cards with a limit of Rs 30,000, on account of banks coming on board.
The credit cards will be issued by banks to street vendors who have repaid the earlier three tranches of subsidised loans, of Rs 10,000, Rs 20,000 and Rs 50,000.
TOI has learnt that the revamped scheme will soon be placed before Cabinet for approval. Sources said the subsidised loans will now also be granted to street vendors from rural areas who migrate to cities to make a living. Though the housing and urban affairs ministry did not respond to queries, sources said an additional Rs 10,000 would be provided as part of the enhanced loan amount.
Sources said the credit card facility will allow street vendors with a better credit rating to have access to more rolling capital for business, with the repayment norms being decided by banks.
In her Budget speech, FM Nirmala Sitharaman had said the scheme launched in 2020, during the Covid-19 pandemic, has provided more than 68 lakh street vendors with respite from high-interest informal sector loans. "Building on this success, the scheme will be revamped with enhanced loans from banks, UPI-linked credit cards with Rs 30,000 limit and capacity building support," she added.
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