Navi Mumbai: NMMC asks bank to expedite disbursement of loan to street vendors under PM SVANidhi scheme

Navi Mumbai: Though the performance of Navi Mumbai Municipal Corporation (NMCC) is the best among the municipal corporations in the MMR region in the Central Government-sponsored Pradhan Mantri Path Vikreta Atma Nirbhar Nidhi (PM SVANidhi) scheme, the civic body has defined an aim to aid 100 percent applicants.

In order to remove the difficulties and provide loans, the civic chief Rajesh Narvekar directed the representatives of the banks to take positive responses to applications.

Expedite the process of applications: Civic Chief asks banks

The civic chief Narvekar asked banks to expedite the process on applications that are pending at the bank level and applications which have been sent back due to a lack of sufficient documents.

In order to provide a helping hand to the street vendors who are running their families through hard work, the central government started implementing the Prime Minister Street Vendors Atmanirbhar Nidhi (PM SVANidhi) scheme during the Covid period. The purpose of the scheme is to provide a livelihood to street vendors who were impacted severely during the lockdown. 

Through this scheme, in the first phase, a working capital loan of Rs 10,000 was made available through banks. A total of 5304 street-vendors in the NMMC area benefited by the scheme. Similarly, 2040 street vendors paid off the loan of the first phase and availed a working capital loan of Rs 20,000 in the second phase.