- Simplified process to benefit street vendors avail micro-loan
Move to support micro entrepreneurs revive their business
Mumbai, November 17, 2021: HDFC Bank today announced the launch of PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) with Common Service Centres (CSC), a special micro-credit facility for street vendors. This is a flagship scheme of the Government of India, in line with the guidelines of Atmanirbhar Bharat.
HDFC Bank would facilitate PM SVANidhi for its Village Level Entrepreneurs (VLEs) on the Digital Sewa Portal where vendors can complete the entire process online. It is a collateral-free affordable loan of Rs 10,000 with an interest subsidy of 7%. It’s a simple application. VLEs must understand the loan application requirements, ensure the mobile number is linked to the Aadhaar and check the eligibility status of their application as per the scheme rules. This will help street vendors resume their businesses and boost the business cycle.
“Through the launch of PM SVANidhi, at HDFC Bank we will be able to provide special micro-credit facility to small street vendors through our CSC VLEs for their holistic development and economic upliftment,” said Ms. Smita Bhagat, Country Head GIB, CSC, E-Commerce, Start-ups & Inclusive Banking Initiatives Group, HDFC Bank. “Our CSC VLEs will facilitate street vendors around their centers in availing credit without hindrance while assisting them in resuming livelihoods post-Covid 19 lockdowns”.
The virtual launch event was held through CSC VLEs Facebook Live in the presence of IAS Sanjay Kumar, Joint Secretary Ministry of Housing and Urban Affairs, Dr. Dinesh Tyagi, Managing Director, CSC SPV along with Ms Bhagat from HDFC Bank.
“It is another opportunity for our VLEs to serve every business requirement in the country well as an avenue for earning incentives,” said Dr. Dinesh Tyagi, Managing Director, CSC SPV. “At present, we have over 50 lakh street vendors and our VLEs are widely spread to cater to them. They must capitalize on this network strength for facilitating small ticket loans of Rs 10,000 for the vendors along with this VLEs should identify opportunities for other products and maximize their incentives. Every VLE must immediately scope their areas and start talking about this flagship yojana of the GOI. Our VLEs will play a significant role in reviving small scale businesses post-Covid 19 with this product.