PM SVANidhi – 14x jump in sanctioned loan applications in 3 months

Street Vendors
The scheme aimed to benefit over 50 lakh street vendors who have been vending on or before March 24, 2020.

Credit and Finance for MSMEs: Among leading lenders so far were SBI (disbursed Rs 230 crore), Union Bank of India (Rs 91.74 crore), Bank of India (Rs 80.67 crore), Punjab National Bank (Rs 66.68 crore), Bank of Baroda (Rs 66.21 crore), etc.

Credit and Finance for MSMEs: The Modi government’s micro-credit scheme PM SVANidhi launched on June 1, 2020, to help micro or nano entrepreneurs recover from the Covid impact has disbursed over 7.78 lakh loan applications involving more than Rs 760 crore as of November 17, 2020, the government data showed. The total number of sanctioned applications increased nearly 14x in the past three months — from 1,02,832 sanctioned applications as of August 12, the number jumped to over 14.24 lakh involving a sanctioned amount of more than Rs 1,418 crore, according to the data available on the website. The overall number of applications received so far was more than 27.22 lakh, according to the real-time data available on the PM SVANidhi portal. The scheme intended to help Covid-hit street vendors and hawkers selling fruits, vegetables, tea, footwear, local snacks, books, artisan products apart from cobblers, cigarette shop owners, tailors, and more through the lending process that began July 2, 2020.

The scheme aimed to benefit over 50 lakh impacted street vendors who have been vending on or before March 24, 2020. These nano entrepreneurs can access working capital credit of up to Rs 10,000 repayable in 12 monthly installments. Borrowers would also be eligible for a 7 per cent interest subsidy as well for timely or early repayment while there is also a provision of earning Rs 1,200 per annum in cashback. The total cashback paid as of November 17, 2020, was Rs 56,050.

However, street vendors had sought an increase in credit limit. “It should have been around Rs 25,000 per annum…While there are around 1 crore street vendors in India but even 50 lakh target is good enough as it has definitely given a boost to organizing street vending in India,” Arbind Singh, National Coordinator, National Association of Street Vendors of India had earlier told Financial Express Online.

Among borrowers, the majority amount of Rs 242 crore in over 2.46 applications was disbursed to vendors involved in vending fruits and vegetables followed by Rs 116 crore to fast food and food item vendors, Rs 63 crore to vendors involved in cloth and handloom items. Among leading lenders were SBI (Rs 230 crore disbursed), Union Bank of India (Rs 91.74 crore), Bank of India (Rs 80.67 crore), Punjab National Bank (Rs 66.68 crore), Bank of Baroda (Rs 66.21 crore), etc. Banks have been provided with “A graded guarantee cover” on a portfolio basis through the Credit Guarantee Fund Trust for Micro and Small Enterprises.

Source: Financial Express

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