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Chandigarh provides loans to 4,652 street vendors, achieves 74% of target
Chandigarh civic body provided loans, at least once, to as many as 4,652 street vendors in the city under the PM Street Vendor’s AtmaNirbhar Nidhi Scheme
The municipal corporation, with help from public and private sector banks, provided loans, at least once, to as many as 4,652 street vendors in the city under the PM Street Vendor’s AtmaNirbhar Nidhi (PM-SVANidhi) scheme, Union minister of state for finance Bhagwat Karad said on Friday.
The minister made the announcement after conducting a detailed review of the PMSVANidhi scheme during the North Zonal Convention being hosted by the UT civic body at Hotel Mountview on Friday. The zone includes Punjab, Haryana, Himachal Pradesh, Jammu and Kashmir, Ladakh and Chandigarh.
While addressing the media, the minister said as per the target set by the Union government, Chandigarh was supposed to provide loans to at least 6,300 street vendors and the city has already achieved 74% of their target. Of the total beneficiaries, 3,424 have repaid their loans, as of now.
Karad also asked MCC commissioner-cum-mission director Anindita Mitra to ensure completion of the target in a month.
A special microcredit facility launched by the Union ministry of housing and urban affairs in June 2020, the scheme aims to provide affordable loans to street vendors. It facilitates beneficiaries with collateral-free working capital loans of up to ₹10,000 for one-year tenure. On timely repayment of the first loan, the vendors get eligible for higher loans of ₹20,000 and ₹50,000 in the second and third tranches respectively.
As per information available on the official website, Chandigarh has sanctioned 7,229 loans and made disbursement to 6,795 people. This disbursement includes first-time, second-time and third-time loans as well. As of now, the sanctioned amount is ₹10.29 crore and the disbursement amount is ₹9.95 crore.
Chandigarh’s performance was judged good in comparison to other North India states, with Punjab only providing loans to only 51% of their targeted vendors. The target achieved by Haryana was 35%, 77% in Himachal Pradesh and Jammu and Kashmir each and 83% in Ladakh.
MC Commissioner Anindita Mitra emphasised the transformative impact of the PM SVANidhi scheme on the lives of street vendors, saying, “The comprehensive support provided by the scheme, including access to affordable working capital loans, skills training, and institutional mechanisms for their holistic development. MCC is committed to continue working towards the complete fulfilment of the scheme’s targets, ensuring the welfare and prosperity of street vendors in the city.”
