Centre Orders Banks, Civic Bodies To Collaborate On Scheme For Loans To Street Vendors

Union Minister of State for Finance Bhagwat K Karad advised banks and civic bodies to work together to achieve the goals of the PM SVANidhi scheme, which was launched to help street vendors acquire simple loans.

Karad, who presided over a regional-level meeting to examine the scheme’s progress in Bihar, Jharkhand, Odisha, and West Bengal, instructed civic bodies to analyze applications returned by banks and resubmit them after rectification.

He also encouraged civic bodies to go into ‘camp mode’ and mobilize new applicants in order to meet the deadlines.

According to a statement, Karad asked metropolitan local governments to step up their efforts with new solutions to improve the digital onboarding of street vendors.

“He stressed the importance of improving the profiling of the scheme’s beneficiaries and their families to facilitate their linkages to various central welfare schemes”, the statement added.

Representatives from the state governments, local administration commissioners, and convenors of State Level Banker’s Committees (SLBCs), among others, attended the meeting.

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