On October 7, 2020 Durga Shanker Mishra, Secretary, Ministry of Housing & Urban Affairs(MoHUA) launched the API(Application Programming Interface) integration between the PM SVANidhi Portal and the SBI(State Bank of India)’s eMudra portal. This launch is a part of Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme.
Advantages of Integration
This integration will ease uninterrupted data flow between the 2 portals in a secure ambience and accelerate the loan sanctioning and disbursement process that benefits the street vendors who seek working loan capital under the scheme.
Note– MoHUA to explore similar integration with other banks will have a consultative meeting shortly.
Gist about PM SVANidhi Scheme
General Info– The scheme was launched by MoHUA on June 1, 2020 to provide affordable working capital loan to street vendors to resume their livelihoods which have been badly affected due to the COVID-19 lockdown.
Implementing agency- Small Industries Development Bank of India (SIDBI) is the implementing agency for the scheme administration.
Target– It targets to benefit over 50 lakh Street Vendors who are in this work on or before 24 March, 2020, in urban areas that includes those from surrounding peri-urban/ rural areas.
Working capital loan– A working capital loan of up to Rs. 10,000 can be availed. It is to be repaid in monthly installments over a period of one year.
Interest Subsidy– An interest subsidy of 7% per annum will be credited to the bank accounts of the beneficiaries through direct benefit transfer on a quarterly basis, if the loan is repaid on time or in advance.
No Penalty on early Payment– Penalty will not be imposed on early repayment of loan.
Digital transactions– It allows digital transactions through cash-back incentives up to an amount of Rs. 1,200 per annum.
- More than 20.50 lakh loan applications have been received under the scheme as on October 6, 2020.
- Of these total applications, over 7.85 lakh loans have been sanctioned and over 2.40 lakh loans disbursed.
About Ministry of Housing & Urban Affairs(MoHUA):
Minister of State (Independent Charge)– Hardeep Singh Puri
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