PM Modi interacts with SVANidhi beneficiaries from UP, to virtually distribute loans

New Delhi, Oct 27: Prime Minister Narendra Modi has on Tuesday interacted with SVANidhi beneficiaries from Uttar Pradesh via video conferencing while UP CM Yogi Aditynath was also present during the interaction.

PM Modi to virtually distribute loans to nearly 3,00,000 street vendors under the PM SVANidhi Scheme (Pradhan Mantri Street Vendor's Atmanirbhar Nidhi Yojana) today, additional chief secretary, information, Navneet Sehgal said.

"The PM Swanidhi scheme was launched on 1 June. On July 2, applications for the same started on online portal. The country is seeing such speed on plans for the first time, said Prime Minister Narendra Modi during the event.

Under PM SVANidhi scheme, street vendors can get working capital of up to Rs 10,000 at subsidised rates. Uttar Pradesh has so far received 557,000 applications from vendors, the highest across the country.

Earlier, PM Modi tweeted on Monday, "Will interact with my brothers and sisters from Uttar Pradesh who sell goods on roads. It will be an opportunity to know how Pradhan Mantri Swanidhi Yojana gave new strength to them."

Under PM SVANidhi Scheme, street vendors can get working capital of up to Rs10,000 at subsidised rates. According to news agency ANI, over 24 lakh applications have been received under this scheme so far, with 557,000 applications from vendors in Uttar Pradesh, the highest across the country.

As many as 3.27 lakh applications from UP have been approved and loan of 1.87 lakh has been disbursed, ANI said quoting the website narendramodi.in. Out of the total applications, 12 lakh have been approved and loans worth about 5.35 lakh have been disbursed, it added.

PM SVANidhi Scheme was launched on June 1, 2020 for poor people selling goods on roads and tracks, who were affected due to the coronavirus pandemic.