The administration of the Panvel Municipal Corporation (PMC) has instructed the bank representatives to approve loans and distribute them as soon as possible by cooperating with the street vendors who have already applied in the banks under Pradhan Mantri Atmanirbhar Nidhi Yojana.
The Deendayal Antyodaya Yojana-National Urban Livelihood Mission (DENULM) department of the Municipal Corporation held a meeting of all the bank representatives from all four wards at the headquarters to discuss various issues.
Street vendors are an essential component of the informal urban economy
Street vendors are a very important component of the informal urban economy. They play an important role in ensuring the availability of goods and services at affordable prices as well as the financial strength of city dwellers.
The livelihood of street vendors has been adversely affected by the Covid-19 layoffs. Therefore, with the aim of urgently providing working capital credit to street vendors, the Central Government-sponsored Prime Minister's Self-funded Street Vendors Special Micro Credit Facility Scheme is being implemented in the state. Under this scheme, the Panvel Municipal Corporation is assisting street vendors in the municipal area to get loans.