PM SVANidhi scheme covers 45,000 of vendors in 2nd phase

Hyderabad: The Ministry of Housing and Urban Affairs (MoHUA) launched 'PM SVANidhi se Samriddhi' programme in Hyderabad. It was hugely successful in providing social security benefits to more than 45,000 street vendors and their families in the GHMC limits, thereby protecting them from risks.

The street vendors have always been at the receiving end of social and economic system for years and the Covid pandemic further aggravated their economic and social conditions.

Keeping this in view, the PM Street Vendor's Atma Nirbhar Nidhi (PM SVANidhi) – a Central scheme, has come as a big relief for them. The welfare programme was taken up in city with coordination of the Greater Hyderabad Municipal Corporation (GHMC). It helped the street vendors in registering for the scheme. Identity cards were issued after that the scheme covered 57,057 street vendors and their families in two phases, linking them to the welfare programmes of the Centre.

According to GHMC officials, so far 81,415 street vendors have applied for loan. Credit of Rs 56 crore was provided to 51,779 vendors. The other applications were rejected for various reasons.

In the first phase, 70,159 vendors applied; 47,189 were given Rs 46.88 crore as loans. Each street vendor received Rs. 10,000 as loan; those who repaid Rs 10,000 in instalments to banks received Rs 20,000 as loan.

In the second phase so far 11,256 applications were received for Rs 20,000; Rs.11.68 crore has been sanctioned. As many as 5,868 vendors were provided a loan of Rs 9.18 crore. The amount can be repaid in 18 instalments. Earlier, the vendors were borrowing loans at high interest from private moneylenders. After the scheme they received benefits and stopped taking private loans. A total of Rs 56 core has been provided as loan to these vendors.