new Delhi: Employment and business have been affected due to the lockdown. People need money to resume work. Due to the long process and high interest rates of the bank, people are avoiding taking loans. In such a situation, the Modi government has decided to provide instant loan of 10,000 rupees to people associated with hawkers, tracks and small businesses.
10 thousand rupees being received under self-sufficient fund scheme
Small businessmen, street vendors, will now be able to avail loans of up to Rs 10,000 under the ‘Atamnirbhar Fund’ scheme through 3.8 lakh Common Service Centers (CSC) centers spread across the country. CSC e-Governance Services India Limited, the digital and e-governance services unit of the government, said this on Wednesday.
The Pradhan Mantri Street Vendors Self-Reliant Fund Scheme (PMSVAFY) is fully funded by the Ministry of Housing and Urban Affairs. Under this scheme, working capital of up to ten thousand rupees is made available to small businessmen who are hawkers, rails and khomchas. Under the scheme, these entrepreneurs taking loans are also given incentives to pay the loans regularly and are also rewarded on Digital Transaction.
The plan will give formal appearance to the street vendors and new opportunities will be opened for this area. CSC will help in registering these small traders under the scheme.
Joint Secretary in the Ministry of Housing and Urban Affairs, Sanjay Kumar said that under the scheme, working capital of up to ten thousand rupees will be available to the residents of urban areas. This capital will be for a period of one year and it will have to be paid in monthly installments. He said that no living or guarantee will be taken by the lending institution for this loan. “All traders will have to do digital transactions, they will get cash bank offer in it.”
Kumar said that SIDBI has been appointed as the implementing agency for the scheme and till now two lakh applications have been received under it while loans have been sanctioned to 50 thousand businessmen.