PM-SVANidhi achieves 111% coverage in Yadgir district

Under PM-SVANidhi Scheme, eligible street vendors get loan facility between ₹10,000 and ₹50,000 in incremental tranches.
| Photo Credit: FILE PHOTO

Yadgir district has crossed a milestone in achieving the target under Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM-SVANidhi) Scheme to stand among the top three in the State.

PM-SVANidhi, a special microcredit facility, was launched on January 1, 2020 during the period of the pandemic by the Ministry of Housing and Urban Affairs for providing affordable loans to street vendors. Loan facility between ₹10,000 and ₹50,000 is extended to eligible beneficiaries under incremental tranches.

“In Yadgir district, it has reached 111%, exceeding the target. As many as 4,364 beneficiaries across the district and 1,224 in Yadgir city have benefited under the scheme,” Deputy Commissioner B. Susheela said during a recent programme in which awareness was created by distributing digital identity cards, QR codes and loan cheques to beneficiaries.

Loan will be disbursed to select beneficiaries in three phases. In the first phase, ₹10,000 loan is given. And, if the first phase loan is repaid within 12 months from the date of sanction, ₹20,000 loan is given in the second. In the third phase, a ₹50,000 loan is given if the second phase loan of ₹20,000 is repaid within 18 months from the date of sanction.

To obtain loan, each beneficiary should have identity card given to him by the urban bodies. “It is a matter of pride that we are (Yadgir district ) in the third place in achieving the target. Almost 90% of beneficiaries are using QR codes and repaying loans they have availed themselves of,” Dr. Susheela said and added that street vendors should strengthen themselves financially using these facilities.

Planning Director and CMC Commissioner (In-charge) Laxmikanth, Lead Bank Manager Bheemarao Panchal and Rajnikanth and others were present.