60 pc of funds allocated to PM SVANidhi utilised by March 31: RTI reveals

New Delhi [India], April 24 (ANI) Over 60 per cent of the funds (Rs 2096.49 crore) allocated to the PM SVANidhi scheme has been utilised as of March 31, revealed the Ministry of Housing and Urban Affairs in response to an RTI query.

Prime Minister Street Vendor's Atma Nirbhar Nidhi, which was launched in June 2020, has extended more than 84.51 lakh loans till April 23, as per the real-time data on SVANidhi website. Out of which, over 30.11 lakh loans have been repaid so far.

The fruits and vegetable sector has the highest uptake of loans under the scheme, revealed the RTI reply.

As per the reply to the RTI query filed by ANI, the Ministry of Housing and Urban Affairs informed: "The centre allocated Rs. 2096.49 crore as total outlay for the PM SVANidhi scheme till the financial year 2027-28. Out of the total outlay, the amount of Rs 1262.60 cr has been utilized as of March 31,"

The scheme facilitates collateral-free first working capital loans up to Rs. 10,000 in the first tranche, and then Rs. 20,000 and Rs. 50,000 in the second and third tranches respectively.

MoHUA launched Prime Minister Street Vendor's Atma Nirbhar Nidhi (PM SVANidhi) Scheme on June 01, 2020 with the aim to facilitate collateral-free working capital loans to street vendors to restart their businesses, which were adversely impacted by the COVID-19 pandemic.

So far, over 1.07 crore applications have been submitted for loans in three categories.

As per the real-time data on the SVANidhi website, 88.40 lakh loans have been sanctioned as of April 23.

The ministry said that applicants not being a street vendor or previously defaulted on loans are the primary reasons for the rejection of loan applications.

The Prime Minister Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) scheme is a micro-credit program launched by the Ministry of Housing and Urban Affairs (MoHUA) on June 1, 2020 to help street vendors overcome the economic challenges of the COVID-19 pandemic.

The scheme provides collateral-free working capital loans of up to Rs 10,000 for a one-year term, with subsequent loans of Rs 20,000 and Rs 50,000 at a 7 percent interest subsidy. The scheme also provides incentives for timely loan repayment and encourages digital payments with a monthly cashback of up to Rs 100.(ANI)