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Delay in disbursement of loan irks street vendors
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Delay in disbursement of loans by banking institutions has irked a section of street vendors who have registered their names under the Pradhan Mantri Street Vendors Atmanirbhar Nidhi (PM SVANidhi) scheme in Kumbakonam Municipality.
The Ministry of Housing and Urban Affairs is implementing the special micro-credit facility for street vendors, where a collateral-free working capital loans of up to ₹10,000 of one-year tenure is offered to street vendors who have their names registered with the urban local bodies.
In Kumbakonam Municipality, a total of 605 street vendors have enrolled their names and the certificate of vending (CoV)/identification card has been issued to them. Out of the 605 street vendors who have registered their names prior to April 1, applications for bank loans were submitted online by 540 and they have been forwarded to the respective financial institutions by the Town V