Integration between PM SVANidhi & SBI portals 'API' launched to ease the processing of loan applications

Housing and Urban Affairs Secretary Durga Shanker Mishra today launched the Application Programming Interface, integration between the PM SVANidhi Portal and the State Bank of India portal to ease the processing of loan applications.

This integration will facilitate seamless flow of data between the PM SVANidhi Portal and SBI's e-Mudra Portal in a secure environment and expedite the loan sanctioning and disbursement process, which will benefit the street vendors seeking a working capital loan under the scheme.

Mr Mishra in a tweet said, "In another major step forward towards #AatmaNirbharBharat, under Hon'ble PM's ambitious #PMSVANidhi Scheme for street vendors, Application Programming Interface (API) integration between the PMSVANidhi Portal & @TheOfficialSBI's eMudra Portal was launched today."

In the follow-up tweet, he added, "It will facilitate seamless flow of data between the two Portals in a secure environment & expedite loan sanctioning & disbursement process. This will benefit street vendors seeking a working capital loan under the Scheme & hasten the sanctioning process".

The Ministry is implementing Prime Minister Street Vendor's Atmanirbhar Nidhi, PM SVANidhi Scheme since 1st June this year, for providing affordable working capital loan to street vendors to resume their livelihoods that have been adversely affected due to COVID-19 lockdown. This scheme targets to benefit over 50 lakh Street Vendors who had been vending on or before the 24th of March this year, in urban areas. Under the scheme, the vendors can avail a working capital loan of up to ten thousand, which is repayable in monthly instalments in the tenure of one year.

The Ministry said, yesterday, over 20 lakh 50 thousand loan applications have been received under the PM SVANidhi Scheme. Out of these over seven lakh 85 thousand loans have been sanctioned and over two lakh 40 thousand loans disbursed.