Puducherry has earned second place in the ‘Best Performing States for Loan Performance’ category for small states and Union Territories under the PM Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi) Scheme.
S. Sakthivel, Director of the Local Administration Department and State Mission Director for the National Urban Livelihood Mission (NULM) & PM SVANidhi, announced the award. The PM SVANidhi scheme is designed to provide working capital loans to street vendors whose businesses were impacted by COVID-19. It offers a phased loan system starting with an initial loan of up to Rs 10,000, followed by loans of Rs 20,000 and Rs 50,000.
These loans are distributed through various financial institutions such as Scheduled Commercial Banks, Regional Rural Banks (RRBs), Small Finance Banks (SFBs), Cooperative Banks, Non-Banking Finance Companies (NBFCs), Microfinance Institutions (MFIs), and Self-Help Group Banks. Additionally, street vendors who repay their loans on time receive a 7% interest subsidy.
Puducherry will host a three-day event titled “Celebrating Achievements, Inspiring Excellence at State Level” from August 30 to September 1, 2024, at Gandhi Thidal. The event will honor Urban Local Bodies (ULBs), banks, and branches that have excelled in financial inclusion and the empowerment of street vendors under the SVANidhi scheme.
