Srinagar Municipal Corporation (SMC) has started work under PM Street Vendors’ AtmaNirbharNidhi (PM SVANidhi) scheme.
The micro-credit facility launched in June 2020 amid pandemic, envisages a collateral-free loan of Rs 10,000 on low interest rate for one year to the street vendors.
So far, the SMC has received 58 applications from the street vendors falling within municipal limits of Srinagar, an official informed. He said that the SMC issued 31 Letters of Recommendation (LoRs) on Friday and 27 on Saturday to the vendors.
As per the scheme, the urban local bodies, the municipalities, provide LoR to every vendor seeking loan, provided he is a member of a vendors’ association.
The SMC official said that documents taken from street vendors are uploaded on the portal made for this purpose, and the loans are sanctioned by the banks and disbursed within 10 to 15 days.
The scheme fully funded by the ministry of Housing and Urban Affairs was rolled out after daily wage workers and street vendors and daily wage earners lost their living due to pandemic lockdown. PM SVANidhi is a part of the AtmaNirbhar Bharat package – running across the country.