Government Launches App To Process Loans For Street Vendors

Under the PM SVANidhi scheme, street vendors can avail a working capital loan of up to Rs 10,000

Government Launches App To Process Loans For Street Vendors

Union Minister Hardeep Puri launched the app

The government on Wednesday launched a mobile app for urban local bodies to source loan applications from street vendors under the PM SVANidhi scheme. The app was launched by Union Minister Hardeep Singh Puri. Under the PM SVANidhi scheme, street vendors can avail a working capital loan of up to Rs 10,000 which is repayable in monthly installments in the tenure of one year.

"This app aims to provide user friendly digital interface for the functionaries of urban local bodies (ULBs) to source loan applications of street vendors," an official statement said.

The statement also said that during an interaction with state urban development ministers, Mr Puri encouraged them to dovetail other schemes for economic upliftment of vendors.

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He also said that to help beneficiary raise their grievances in a conducive environment, a forum chaired by district collector and having representation of police/ULB and other relevant departments should be constituted. According to the urban development ministry, since the commencement of online submission of applications on PM SVANidhi portal on July 2, more than 5.68 lakh applications have been received and over 1.3 lakh sanctioned across states and Union Territories.