PM SVANidhi app launched
On July 17, 2020, PM SVANidhi app was launched by the Minister of Urban Affairs. The application aims to provide user-friendly digital interface for lending institutions and their functionaries to source and process loan applications of street vendors.
The application will help in enabling business correspondents of micro lending institutions, banks, Non-Banking Financial Corporation to get maximum coverage. The application will also provide paper-less lending facilities.
The main features of the application include e-KYC (Know Your Customer) of application, real-time monitoring, vendor search in the survey and processing of applicants.
The scheme was launched to help the street vendors. There are more than 50 lakh street vendors in the country. The scheme will provide working capital of Rs 10,000 as working loan capital to the street vendors. The capital can be repaid within a year. This will benefit the street vendors largely as they were affected by COVID-19 badly.
Categories: Government Schemes in India