Hawkers scheme: BMC on the toes to reach target in 10 days

Hawkers scheme: BMC on the toes to reach target in 10 days

The PM SVANidhi scheme was launched by the Union Ministry of Housing and Urban Affairs in 2020. The scheme intends to facilitate collateral-free working capital loans to over 50 lakh street vendors

Staff ReporterUpdated: Tuesday, December 06, 2022, 12:18 AM IST
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Hawkers scheme: BMC on the toes to reach target | File pic

Mumbai: The BMC has been given a target to disburse loans to one lakh beneficiaries under the "Prime Minister Street Vendor Atma Nirbhar Nidhi Scheme" (PM SVANidhi scheme) from any nationalised bank.

The civic authority had issued a letter of recommendation to 60,000 hawkers till now. The civic officials now are on their toes to achieve the target in the next ten days.

The PM SVANidhi scheme

The PM SVANidhi scheme was launched by the Union Ministry of Housing and Urban Affairs in 2020. The scheme intends to facilitate collateral-free working capital loans to over 50 lakh street vendors to help resume their business in urban areas and semi-urban areas. The vendors will get a loan of Rs 10,000 and will be allowed to repay in monthly instalments within a year. Union Minister of State for Finance Dr Bhagwat Karad conducted a review meeting with civic and bank officials on Monday.

While addressing to media Mr Karad said, “The scheme intended to help the vendors who have lost their business during the Covid pandemic. If loans are paid within six months, the street vendor will be applicable to get another Rs20,000 loan next year which may increase even up to Rs50,000 if paid on time. We intend to continue the schemein future and if the vendor pays all the loan amount in time they may avail loan up to Rs 10 lakh. We are trying to invite Prime Minister Narendra Modi to give the cheques to the beneficiaries."

The scheme received a low response at the start, so the BMC set up 24 centres in the city’s 24 administrative wards. The BMC has organised more than 350 camps where it is receiving ward-wise applications from hawkers. After receiving applications, the civic body will give them Letter of Recommendation which helps hawkers to get a loan from the bank.

The hawkers have to first enrol on the Central Government portal. He should have a bank account, Aadhar and a recommendation letter from BMCHawkers who have been issued identity cards and also those who have been included in surveys by the civic body but have not been issued a licence, are eligible for the schemeThe vendor can use the loan for the purchase of vegetables, fruits, footwear, clothes, handicrafts, stationery etc

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