Shri Durga Shanker Mishra, Secretary, Ministry of Housing, and Urban Affairs launched the Mobile Application of PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) an event organized through a video conference. The event participated by senior officials from the Ministry, Principal Secretaries dealing with the Urban Development Department, and other officials from the States and UTs.
PM SVANidhi Mobile App downloaded from the Google Play store is a step towards boosting digital technology. It aims to provide a user-friendly digital interface for Lending Institutions (LIs) like Banking Correspondents (BCs) and Agents of Non-Banking Financial Companies (NBFCs)/ Micro-Finance Institutions (MFIs) and their field functionaries. It enables them to source and process loan applications of street vendors in their proximity to ensure maximum coverage of the Scheme.
The features include vendor search in the survey data, e-KYC of applicants, processing of applications, and real-time monitoring.
The launch of Mobile App will give impetus to the Scheme's implementation strategy besides promoting paper-less digital access of micro-credit facilities by the Street Vendors at their doorsteps.
More than 1,54,000 street vendors applied for a working capital loan so far across States/ Uts, and over 48,000 already been sanctioned.
The App has all the features similar to the Web Portal launched on June 29, 2020, of PM SVANidhi added with easy portability.
PM SVANidhi launched by the Ministry of Housing and Urban Affairs, on June 01, 2020, provides affordable Working Capital loan to street vendors to resume their livelihoods that have been adversely affected due to Covid-19 lockdown.
The lending process under PM SVANidhi commenced on July 02, 2020. It targets to benefit over 50 lakh Street Vendors who had been vending on or before March 24, 2020, in urban areas, including those from surrounding peri-urban/ rural areas. The vendors can avail of a working capital loan of up to Rs. 10,000, which is repayable in monthly installments in the tenure of one year. On timely/ early repayment of the loan, an interest subsidy @ 7% per annum credited to the bank accounts of beneficiaries through Direct Benefit Transfer quarterly. There will be no penalty on the early repayment of loans. The Scheme promotes digital transactions through cashback incentives up to an amount of Rs. 100 per month. Moreover, the vendors can achieve their ambition of going up on the economic ladder by availing the facility of enhancing the credit limit on the timely/ early repayment of a loan.
Source - Press Release Date: July 17, 2020 PIB Delhi