Today, Shri Durga Shanker Mishra, Secretary, Housing & Urban Affairs, launched the Beta version of PM Street Vendor's AtmaNirbhar Nidhi “PM SVANidhi” Portal in the presence of officials from States/UTs, Banks, Payment aggregators, and other stakeholders. The portal leveraging on digital technology solutions provides an integrated end-to-end IT interface to users to benefit from the scheme.
Since the launch of PM SVANidhi, on June 1, 2020, Ministry has held detailed interactions with various types of lenders e.g., Banks, MFIs, and NBFCs. Taking into account, the suggestions received detailed operational guidelines for the lenders prepared, which are being issued today. It is expected that shortly, all the lenders will issue detailed operating instructions for the scheme to their field offices to facilitate the smooth implementation of the scheme.
An integrated IT platform (pmsvanidhi.mohua.gov.in) to provide an end-to-end solution for scheme administration developed by SIDBI, the scheme implementation partner for PM SVANidhi. The portal will facilitate multiple scheme functions viz. loan application flow, Mobile App, e-KYC of applicants, integration with UIDAI, Udyamimitra, NPCI, PAiSA, lenders, States, ULBs and other stakeholders, calculation of digital incentives and payment of interest subsidy, etc.
One of the scheme's crucial features is to nudge the beneficiaries towards digital transactions by engaging with the Digital Payment Aggregators. Ministry has received excellent response from all of them. Secretary, HUA expressed his pleasure on the fact that AmazonPay, FTCash, MSwipe, PayTM, PaySwiff, and PhonePe have offered to onboard the vendors free of cost absorbing the expenses at their end. It is expected that others also will follow suit.
Further, in addition to the 15 MFIs banks already onboarded, many more are expected to join in the coming weeks. The portal shall be continuously upgraded to add functionalities.
The PM SVANidhi Portal shall start accepting loan applications from Street Vendors from July 2, who can apply directly or with the help of CSCs/ ULBs/ SHGs. The Mobile App facilitated with e-KYC module and loan application flow, to be used by lenders and their agents for application origination, shall be released during this week.
The Portal integration with various lenders shall commence during this week, and over the next few weeks, we hope to complete this integration with all the major lenders. The module for enabling street vendors to apply directly for Letter of Recommendation (LoR) to the concerned ULB will be ready by July 10, 2020.
Secretary, HUA, expressed confidence that this portal will enable the implementation of the scheme during the next 21 months and play a significant role in years to come to meet the expectations and aspirations of street vendors who play an essential role in our urban eco-system.
Source: PIB Press Release ID: 1635176
