PM SVANidhi scheme will alleviate 13.5 crore Indians from poverty: Karad

Union minister Bhagwat Karad (File image)

The PM SVANidhi scheme will play a big role in alleviating 13.5 crore Indians from poverty, Union minister Bhagwat Karad said in Guwahati on Thursday.

The Union Minister of State for Finance, holding a press conference after chairing the Northeast zonal conference of PM SVANidhi, said Assam holds the top position in the Northeast after achieving 89 percent target under the scheme, while Uttar Pradesh ranks first across the country.

He appealed to the banks to accelerate coverage of SVANidhi loans to the poor and ''fund the unfunded on a priority basis along with organising camps at village levels to provide various banking services''.

He said that region-wise meetings are being held to give the benefits of the central scheme to the hawkers in the municipal areas and to increase awareness about the scheme.

Vendors who have a bank account, Aadhaar card and are registered with the municipal corporations can get the benefit of the scheme.

Initially, Rs 10,000 loan is disbursed and those making timely payment, can get an additional loan for Rs 20,000 and then Rs 50,000.

The minister said the target decided in the meeting should be achieved within a month and that the benefits of the PM SVANidhi scheme should be given to the poor.

He said efforts for the economic upliftment of the poor are being made at three levels.

''Firstly, opening of bank accounts for those who do not have bank accounts; secondly providing benefits of the insurance scheme to the public and thirdly, making finance available to those who are deprived of financial assistance," he said.

PM SVANidhi scheme envisages the empowerment of street vendors through hassle-free access to affordable credit and their digital onboarding for their economic development.

PM SVANidhi is a central-sector micro-credit scheme launched in June, 2020 by the Ministry of Housing and Urban Affairs (MoHUA) to provide handholding support to street vendors.

The scheme aims to formalise the street vendors and open up new opportunities for this sector to move up the economic ladder.

Moreover, through 'Svanidhi se Samriddhi' scheme, they will be attached to more central schemes like PM Jan Dhan Yojana, PM Suraksha Bima Yojana, PM Jeevan Jyoti Bima Yojana, One Nation One Ration Card, PM Janani Suraksha Yojana, PM Matrivandana Yojana among others.