Puducherry awarded for performance in implementing PM SVANidhi scheme

Puducherry government excels in implementing PM SVANidhi scheme, providing credit to street vendors, recognized by Ministry of Housing.

The Ministry of Housing and Urban Affairs has acknowledged the performance of Puducherry government in the implementation of PM SVANidhi scheme aimed at supporting street vendors by providing credit facility.

Director of Local Administration S. Sakthivel received an award for the government’s performance in disbursement of loans among small States and Union Territories from Union Minister for Housing and Urban Affairs Manohar LaL Khattar at an event held in New Delhi.

The scheme launched after the COVID-19 pandemic involved provision for distribution of loans of ₹ 10,000, ₹ 20,000 and ₹ 50,000 in three stages based on beneficiary repayment history.

A communication from LAD said the Puducherry government has provided ₹ 10,000 as first tranche to 3, 474 beneficiaries, ₹ 20,000 to 971 beneficiaries and ₹ 50,000 to 232 beneficiaries. The street vendors availing loan under the scheme are eligible to get an interest subsidy of 7 %. The scheme is fully funded by the Ministry of Housing and Urban Affairs, the communication said.

The vendors could avail the loan from Scheduled Commercial Banks, Regional Rural Banks, Small Finance Banks, Co-operative Banks, Non Banking Finance Companies, Micro Finance Institutions and Self-Help Group banks, the communication said.