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PM Modi to virtually distribute loans to 300,000 street vendors under PM SVANidhi Scheme today

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Prime Minister Narendra Modi will distribute loans to nearly 300,000 street vendors under the PM SVANidhi Scheme (Pradhan Mantri Street Vendor’s Atmanirbhar Nidhi Yojana) through video conferencing on Tuesday. He will also communicate with beneficiaries of the scheme on the occasion.

PM SVANidhi Scheme was launched on June 1, 2020 for poor people selling goods on roads and tracks, who were affected due to the coronavirus pandemic.

“Will interact with my brothers and sisters from Uttar Pradesh who sell goods on roads. It will be an opportunity to know how Pradhan Mantri Swanidhi Yojana gave new strength to them,” PM Modi tweeted on Monday.

Under PM SVANidhi Scheme, street vendors can get working capital of up to Rs10,000 at subsidised rates. According to news agency ANI, over 24 lakh applications have been received under this scheme so far, with 557,000 applications from vendors in Uttar Pradesh, the highest across the country.

As many as 3.27 lakh applications from UP have been approved and loan of 1.87 lakh has been disbursed, ANI said quoting the website Out of the total applications, 12 lakh have been approved and loans worth about 5.35 lakh have been disbursed, it added.

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