PM SVANIDHI LOAN
Finmin asks pvt banks to increase participation in govt's financial inclusion schemes
The Finance Ministry on Tuesday asked private sector banks to step up participation in financial inclusion schemes, including PMMY and Stand Up India. Financial Services Secretary Sanjay Lohiya urged banks to support the upcoming saturation campaign, expand digital outreach, improve loan processing, strengthen insurance claim awareness and address grievances.
Finmin to meet heads of banks on Tuesday to review progress of financial inclusion scheme
A meeting involving bank heads is scheduled for Tuesday to assess the progress of financial inclusion schemes. Key initiatives include Pradhan Mantri Jan Dhan Yojana and Pradhan Mantri Mudra Yojana, which support small enterprises. Other schemes such as PM Jeevan Jyoti Bima Yojana and PM Suraksha Bima Yojana offer insurance coverage for different age groups. The StandUp India Scheme focuses on empowering SC, ST, and women borrowers.
Govt pushes PSU banks to develop loan products of up to ₹1 lakh each for street vendors
Public sector banks are developing new loan products up to ₹1 lakh for street vendors, aiming to help them build credit histories and transition to larger Mudra loans. This initiative bridges a gap in micro-credit, enabling vendors to scale their businesses. The government is also pushing for Grameen Credit Score integration to improve access to formal credit for first-time borrowers.
'Trust, dignity, empowerment': PM Modi celebrates six years of PM SVANidhi scheme, empowers street vendors
Prime Minister Modi on X posted, "Today we mark #6YearsofPMSVANidhi, a scheme which has transformed the lives of countless street vendors by ensuring access to collateral-free credit, financial inclusion and new opportunities for growth. This scheme is all about trust, dignity and empowerment. My best wishes to all beneficiaries whose determination and enterprise continue to strengthen our nation's economy."
Street vendors earn more, go digital under PM-SVANidhi
The PM-SVANidhi scheme has significantly boosted street vendor incomes by 20%. Digital transactions by vendors have nearly doubled, reaching over 83%. The scheme provides collateral-free loans, with 1.05 crore loans disbursed. Defaults are low, and many vendors are now accessing loans from other banks, building a permanent credit history. The scheme aims to disburse 1.5 crore loans.
PM Modi launches big development projects in poll-bound Kerala, flags off four new trains
Prime Minister Narendra Modi launched significant development projects and new train services in Kerala, bolstering infrastructure and financial inclusion. He inaugurated a modern post office and disbursed PM SVANidhi loans, alongside flagging off four new trains to enhance regional connectivity.
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Microcredit scheme for gig, platform workers in works
A new microcredit scheme is being finalized to offer collateral-free loans up to Rs 10,000 annually to gig workers and domestic helps. This initiative aims to support entrepreneurial journeys for vulnerable sections. The scheme will be launched in the next fiscal year, starting April 2026.
Union Cabinet approves restructuring, extension of PM SVANidhi scheme for street vendors
The Union Cabinet has extended the PM SVANidhi scheme until March 31, 2030, with a Rs 7,332 crore outlay, benefiting 1.15 crore vendors. Loan limits are increased, and UPI-linked RuPay credit cards are introduced for timely repayment.
PFRDA targets to bring 50 lakh SVANidhi scheme beneficiaries under Atal Pension Yojana
PFRDA aims to enroll 5 million PM SVANidhi beneficiaries in the Atal Pension Yojana (APY), leveraging the success of the micro-credit scheme for street vendors. With high loan repayment rates observed under PM SVANidhi, PFRDA sees a significant opportunity to expand APY's reach, particularly among women, as the scheme continues to add over a crore subscribers annually.
Street vendors to get credit cards, bigger loans
The PM SVANidhi scheme is being revamped to offer street vendors higher subsidised loans and UPI-linked credit cards with a limit of Rs 30,000. Banks will facilitate these credit cards for vendors who have successfully repaid initial loan tranches.
Will revamp PM SVANidhi scheme for street vendors: Sitharaman in Budget speech
The PM SVANidhi scheme for street vendors, as presented by Union Finance Minister Nirmala Sitharaman, will be revamped with increased loan options and UPI-linked credit cards, offering a Rs 30,000 limit. The scheme has already aided over 68 lakh street vendors, providing relief from high-interest loans. The enhancements aim to build on this success with additional support and opportunities.
Finmin to meet heads of banks on Jan 15 to review financial inclusion schemes
Heads of Public Sector Banks (PSBs) will meet on Wednesday to review progress on financial inclusion schemes like Jan Suraksha, Mudra Yojana, and PM SVANidhi. The meeting, chaired by Financial Services Secretary M Nagaraju, will also focus on the StandUp India Scheme and various insurance-driven initiatives.
Rs 13,422 crore disbursed to street vendors under PM SVANidhi scheme, Rajya Sabha told
The Union Housing Ministry disbursed over 94 lakh loans, totaling Rs 13,422 crore, to street vendors under the PM SVANidhi scheme. Over 40 lakh loans have been repaid. The scheme, launched in 2020, provides collateral-free loans up to Rs 50,000. States are categorized and ranked based on disbursement performance, with Madhya Pradesh and Assam leading in July 2024.
Finance Ministry calls meeting with PSBs to review financial inclusion schemes ahead of budget
Finance ministry has scheduled a meeting on Tuesday with heads of state-owned banks and financial institutions. The purpose of the meeting is to review the progress of the government's key financial inclusion schemes, including the Jan Dhan Yojana, Jan Suraksha Yojana, and Mudra Yojana, ahead of the budget.
Centre paid Rs 147.82 crore in interest subsidy on loans under PM SVANidhi
The central government has paid Rs 147.82 crore in interest subsidy to street vendors under PM SVANidhi scheme since it began in 2020 and till March 31, the Ministry of Housing Affairs informed.
PM Modi to address PM SVANidhi beneficiaries in Delhi
Prime Minister Narendra Modi will address beneficiaries of the PM SVANidhi scheme at the Jawaharlal Nehru Stadium here on Thursday, his office said. He will also distribute loans under the scheme to 1 lakh street vendors (SVs), including 5,000 SVs from Delhi on this occasion, a statement issued by the Prime Minister's Office said.
Loans worth Rs 9,790 crore disbursed to street vendors under PM SVANidhi scheme: Government in Rajya Sabha
"This scheme is available pan-India in all urban local bodies," Union Housing and Urban Affairs Minister Hardeep Singh Puri said while replying to a supplementary question. All street vendors in urban areas are eligible for benefits under the PM SVANidhi Scheme, irrespective of the date on which they started vending.
Women accorded top priority under PM Mudra Yojana scheme, says FM Nirmala Sitharaman
SVANidhi Se Samriddhi is an additional component of the PMSVANidhi scheme to facilitate access to eight Central government schemes to eligible PM SVANidhi beneficiaries and their family members for their holistic development and socio-economic upliftment.
Assam pioneers in implementing PM SVANidhi scheme, with disbursement rate of 90.84%
Assam has been recognized as the leader in implementing the Pradhan Mantri Street Vendors' AtmaNirbhar Nidhi (PM SVANidhi) Scheme, with a disbursement percentage of 90.84% as of September 1, 2023. The scheme, launched by Prime Minister Narendra Modi, aims to provide collateral-free working capital loans to street vendors, hawkers, and small traders affected by the pandemic.
Assam tops North-East states in implementation of PM SVANidhi scheme
After reviewing the progress of PM SVANidhi scheme in the Northeastern states here, Karad appealed to the banks to accelerate coverage of SVANidhi loans to the poor. “Banks should fund the unfunded on priority,” he stressed. The Minister further advised to organise camps at village levels to provide various Banking services.
Centre plans to double loan amount for street vendors
The government is planning to double the amount of the first tranche to ₹20,000, according to people aware of the matter. The housing and urban affairs ministry is holding discussions with banks involved in disbursing loans on how to shape the three tranches and the amounts to be loaned.
Only 40% street vendors repay working capital loan given during Covid-19
The scheme was initiated in July 2020 to help street vendors hit by Covid-19. Under the scheme, street vendors were offered loans in three tranches: '10,000, '20,000 and '50,000.
PM SVANidhi scheme to continue till December 2024
"Today's approval has increased the loan amount to Rs 8,100 crore, thereby providing the street vendors working capital to further expand their business and making them AtmaNirbhar," the statement said.
Public sector banks sanction 95% of total loans under PM SVANidhi scheme
Under the scheme, collateral-free working capital loan of up to Rs 10,000 of one-year tenure is being provided. The scheme aims at financing approximately 50 lakh street vendors, to resume their businesses.
PM Narendra Modi praises UP govt's disbursal performance
Prime Minister Narendra Modi hailed the efficacy of the PM Street Vendor’s Atmanirbhar Nidhi (SVANidhi) Yojana and lauded the Uttar Pradesh government which has disbursed the highest loans under the scheme.
Nobody would have imagined a welfare scheme for the poor to be implemented so quickly: PM on SVANidhi Yojana
Launched in June, to provide working capital to street vendors hard-hit due to the lockdown and help them resume their businesses, the PM SVANidhi Yojana lets the vendors avail of collateral free working capital loans of up to Rs 10,000 for a year
Earlier blamed for scams, the poor now being offered loans by government: Modi
Addressing beneficiaries of the PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) Scheme in Uttar Pradesh via video conferencing, he said those involved in scams had blamed the poor for their wrongdoings.
Street vendors, small traders need special assistance package, not loans: Priyanka
Tweeting just ahead of the prime minister's interaction with the street vendors from UP, Priyanka Gandhi said throughout the lockdown, street vendors and small shopkeepers, were hit hard.
PM Modi to interact with beneficiaries of PM SVANidhi scheme for street vendors
PM Street Vendor's Atmanirbhar Nidhi (PM SVANidhi) scheme was launched on June 1 to help street vendors resume their livelihood activities. Till date, a total of more than 24 lakh applications have been received under the scheme, out of which, more than 12 lakh have been sanctioned and about 5.35 lakh loans disbursed.
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