The government today launched the PM SVANidhi mobile App to bring the microcredit facility under the PM SVANidhi scheme to the doorsteps of street vendors.
In an effort to bring the microcredit facility under the PM SVANidhi scheme to the doorsteps of street vendors, the government today launched PM SVANidhi Mobile App. This app is aimed to provide a user-friendly digital interface for lending institutions for sourcing and processing loan applications of street vendors under the scheme, said a statement by the Ministry of Housing & Urban Affairs. More than 1.54 lakh street vendors have applied for a working capital loan so far, out of which, over 48,000 applications have been approved and the amount has been sanctioned, the statement said.
“It is believed that the launch of the Mobile App will give impetus to the implementation strategy of the scheme besides promoting paper-less digital access of micro-credit facilities by the street vendors,” the government said. Earlier, the government launched the web portal in the last week of June. It is also noted that the new-launched App has all the features similar to the web portal of PM SVANidhi. The web portal and the App include features such as vendor search in the survey data, e-KYC of applicants, processing of applications, and real-time monitoring.
Meanwhile, the PM SVANidhi scheme was launched by Finance Minister Nirmala Sitharaman under the ambit of the Atma Nirbhar Bharat package. It was for the first time that the government brought schemes or relief measures for the street vendors of the country. The scheme facilitated street vendors to take a loan of Rs 10,000 to reestablish their businesses hit by the coronavirus-led nationwide lockdown.
The government had underlined that an interest subsidy of 7 per cent will be credited back to the beneficiaries who repay timely. Also, the vendors can avail the facility of the increased credit limit on timely repayment. The street vendors mostly operate on a small financial cushion, thus even the micro-credit support from the government is expected to give a major relief to such vendors.