Latest news with #PMSVANidhi
Time of India
3 days ago
- Business
- Time of India
Street vendors to get credit cards, bigger loans
The PM SVANidhi scheme is being revamped to provide street vendors with higher subsidised loans and credit cards with a limit of Rs 30,000, facilitated by banks, ToI reported on May 30. The revamped scheme, which will soon be presented to the Cabinet for approval, aims to extend subsidised loans to street vendors from rural areas migrating to cities. This initiative builds upon the success of the original scheme launched in 2020, which provided respite from high-interest informal sector loans to over 68 lakh street vendors, ToI's report (by Dipak K Das) said. The revamped PM SVANidhi scheme is set to offer enhanced financial support to street vendors. Banks are coming on board to provide credit cards with a limit of Rs 30,000. These credit cards will be issued to street vendors who have successfully repaid the initial three tranches of subsidised loans, which were Rs 10,000, Rs 20,000, and Rs 50,000. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Eat Ginger Everyday for 1 Month This is What Happens Tips and Tricks Undo The scheme's expansion includes extending subsidised loans to street vendors from rural areas who move to cities for their livelihood. Sources indicate that an additional Rs 10,000 will be included as part of the enhanced loan amount. The credit card facility is designed to provide street vendors with better credit ratings access to more rolling capital for their businesses. The repayment norms for these credit cards will be determined by the banks. In her Budget speech, FM Nirmala Sitharaman highlighted the impact of the original scheme. Live Events "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. The original PM SVANidhi scheme was launched in 2020 during the Covid-19 pandemic. It aimed to provide financial relief to street vendors who were often reliant on high-interest informal sector loans. The scheme has already benefited more than 68 lakh street vendors. The revamped scheme seeks to build upon this foundation by offering increased loan amounts and access to formal credit through UPI-linked credit cards. This initiative is expected to provide street vendors with greater financial stability and opportunities for business growth. The involvement of banks in the scheme is crucial for ensuring its effective implementation and outreach. The provision of credit cards will enable street vendors to manage their working capital more efficiently. 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. This access to formal credit can help them reduce their dependence on informal sources of financing, which often come with exorbitant interest rates. The inclusion of rural street vendors in the revamped scheme is a significant step towards ensuring that the benefits of the program reach a wider population. Street vendors who migrate from rural areas to cities often face unique challenges in accessing financial services. By extending the scheme to this group, the government aims to provide them with the support they need to establish and grow their businesses in urban areas.
The Hindu
28-04-2025
- Business
- The Hindu
Rotary Bangalore Midtown helps underprivileged access benefits from govt. schemes
In an effort to facilitate those eligible to claim benefits from government schemes, Rotary Bangalore Midtown (RBM) took up an initiative titled 'Windows of Opportunity', that aimed to help 50,000 underprivileged individuals access vital government welfare schemes. Thousands from the city have benefited and so far over ₹4.8 crore has been directly transferred to their accounts from various government schemes, aided by the campaign launched in October 2024. Palani Loganathan, president, Rotary Bangalore Midtown, told The Hindu that so far RBM has registered 27,000 beneficiaries and over ₹4 crore has been transferred directly to the bank accounts under various government schemes. Lack of education and awareness Mr. Loganathan said despite thousands of government schemes being in place, lack of education and awareness continue to keep the poorest from claiming their rightful benefits. To address this, RBM has established helpdesks at locations frequented by the underserved, such as government hospitals and primary health centers. A helpdesk is already operational at Vani Vilas Hospital, with expansion plans under way for St. John's Medical College Hospital, Sri Jayadeva Institute of Cardiovascular Sciences and Research, at Bommasandra, Anekal, and other areas with high populations of construction and industry workers. These helpdesks are manned by representatives of two private firms hired by RBM. Each beneficiary's registration for relevant welfare schemes costs ₹100 and this is borne by the RBM. RBM has committed ₹50 lakh for the initiative. Targeted schemes include Ayushman Bharat, E-Shram Card, Pradhan Mantri Matru Vandana Yojana, PM SVANidhi, widow pension, and other pension schemes apart from numerous State government schemes. 'This project has received a good response from both vulnerable communities and donors. We aim to create a social return on investment exceeding ₹50 crore by helping people access the benefits they deserve,' Mr. Loganathan said.
Time of India
23-04-2025
- Business
- Time of India
Govt scheme helping street vendors thrive, Rs 71 cr loans disbursed
Gorakhpur: Since its launch in Jun 2020 during the pandemic-induced economic slowdown, the Pradhan Mantri Street Vendors AtmaNirbhar Nidhi (PM SVANidhi) scheme, aimed at pushing inclusive economic growth, has boosted fortunes of street vendors significantly. Designed to empower vendors with accessible microcredit, the scheme has provided a major lifeline to small-scale entrepreneurs. Under the scheme, Rs 71.91 crore loans have been disbursed to 38,708 vendors across Gorakhpur by the District Urban Development Agency (DUDA). Beneficiaries are eligible for a Rs 10,000 collateral-free loan, followed by a second loan of Rs 20,000 on successful repayment, and third of up to Rs 50,000. So far, 12,523 vendors have availed the second loan, while 1,632 have reached the third phase. As further incentive to vendors, the scheme offers 7% interest subsidy for timely repayment and up to Rs 1,200 cashback for digital transactions. Gorakhpur vendors are reportedly benefiting in large numbers from these digital perks. Gorakhpur exceeded its original target of 32,635 beneficiaries in the first loan phase. DUDA received 39,228 applications, approved 38,802, and disbursed loans to 38,708 street vendors. This reflects robust implementation and proactive monitoring under CM Yogi Adityanath's leadership. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Google Brain Co-Founder Andrew Ng, Recommends: Read These 5 Books And Turn Your Life Around Blinkist: Andrew Ng's Reading List Undo To streamline the process, a single-window system ensures applicants face minimal hurdles. With the PM SVANidhi scheme , street vendors are not only recovering from pandemic setbacks but also scaling their businesses towards financial self-reliance and growth.
