Odisha Street Vendors to get Rs 10,000 each under PM SVANidhi

Under the Prime Minister Street Vendor’s Amta Nirbhar Nidhi Scheme (PM SVANidhi), the Central government has sanctioned Rs 8.2 crore as collateral-free loans to street vendors in Odisha. Union Minister Dharmendra Pradhan gave this information via his twitter handle. Out of the total amount, Rs 0.81 crore has already been disbursed by the centre.

Pradhan took to twitter to thank PM Modi, Finance Minister Nirmala Sitharaman and MoS, Housing and Urban Affairs Hardeep Singh Puri. “Thank PM Shri @narendramodi Ji, FM Smt. @nsitharaman Ji and Min. Shri @HardeepSPuri Ji for sanctioning ₹8.2 crores as collateral-free loans to street vendors in Odisha under PM SVANidhi Yojana. This will help them resume their livelihoods affected by Covid19-induced challenges,” he tweeted.

Over 23,550 vendors, out of the total 63,222 identified in the state have applied for affordable working capital loans being provided under the scheme.

“Our street vendors form a crucial part of the informal micro-economy. PM SVANidhi brings banking at the doorsteps of these nano-entrepreneurs helping them become more self-reliant and thereby empowering them,” Pradhan stated.

Vendors in Sambalpur, Cuttack, Berhampur, Balasore and other towns of Odisha have availed the benefits of the scheme.

The beneficiaries under the PM-SVANidhi scheme will initially be provided collateral-free working capital of up to Rs 10,000 for a one-year tenure. The scheme will also offer incentives in the form of interest subsidy at 7 per cent per annum on fixed repayment of the loan and cash-back up to Rs 100 per month on initiating prescribed digital transactions. Additionally, if the vendors make a timely or early repayment, they will be eligible for the next cycle of the working capital loan with an increased limit.

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