Categories: Business

PM SVANidhi scheme can reduce dependence on loan shark says hawkers body

Photo: PTI

PM SVANidhi scheme

new Delhi. Khomache, a street hawker's organization, believes that the 'PM Swanidhi' scheme will reduce their dependence on moneylenders who charge a very high interest. This scheme has been introduced recently. Under this, bank loans of Rs 10,000 are being made available to street vendors who want to resume their business or operations after Kovid-19 lockdown. The National Hawkers Federation (NHF) said on Thursday that it has formed a committed team of 'Business Correspondents' in collaboration with banks. This will not allow a single loan account to become non-performing assets (NPAs). Shaktiman Ghosh, secretary of NHF, told PTI-language, "We have an opportunity to use this scheme to provide credit facility to businessmen through street tracks. We are working on ensuring the repayment of debt with practical consideration. "

Ghosh said that our mission is to get such small traders out of the clutches of usurers. These people charge interest ranging from 100 to 300 percent. The Union Ministry of Housing and Urban Development had said on Wednesday that there was a lot of excitement about the scheme. So far, one lakh people have been sanctioned loans under this scheme. So far, five lakh applications have been received for taking loans under this scheme. Under the scheme, hawkers, street vendors, street vendors can get a working capital loan of up to Rs 10,000. This amount will have to be returned in monthly installments throughout the year. Ghosh said that as per our recommendation, under this scheme, loans will be disbursed to 2 million small traders across the country, including one lakh businessmen in West Bengal. The plan is expected to start in the state soon.

This post was published on August 14, 2020 12:02 am

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