Thursday, November 3, 2022

One and a half lakh street-vendors in Konkan Region to be given PM SVANidhi loans within next one month: MoS (Finance)

MoS (Finance) Dr. Bhagwat Karad reviews progress of PM SVANidhi and Kisan Credit Card schemes in Konkan Region

Posted On: 03 NOV 2022 6:02PM by PIB Mumbai

Mumbai, 3 November 2022


One and a half lakh loans will be disbursed under PM SVANidhi scheme in Konkan Region within the next one month, stated Minister of State for Finance Dr. Bhagwat Kishanrao Karad in Mumbai today. Out of this, one lakh loans will be targeted for street vendors of Mumbai, while around fifty thousand loans will be disbursed in other municipalities in Konkan region, he added. Dr. Karad chaired a review meeting with State Level Bankers' Committee on implementation of PM Street Vendor's AatmaNirbhar Nidhi (PM SVANidhi) and Kisan Credit Card scheme in Konkan region. This was followed by a second review meeting on implementation of PM SVANidhi scheme with Maharashtra Deputy CM Devendra Fadnavis and public representatives, municipal commissioners and urban development department senior officials of the state. Today's review meetings focussed on implementation of these two schemes in seven districts.

Dr. Karad also informed that private banks were also present in the review meeting and have agreed to take necessary steps to implement PM SVANidhi and other financial schemes.

In a post-review meeting press conference, MoS (Finance) stated, Department of Financial Services had given a target of 2 lakh PM SVANidhi loans to be disbursed in Mumbai area. However, only 24,843 people have registered for this loan here, which is much below the target. Hence, the review meeting with Maharashtra Deputy CM has been held."We are focussing on PM SVANidhi Yojana and Kisan Credit Card schemes as these are particularly for benefit of poorest of the poor people", he said. Similar review meetings with SLBCs in various states have been held. Gujarat has achieved the target of 3.5 lakh PM SVANidhi loans after four such review meetings were held there, informed the Minister. "This is the first regional level bankers' review meeting here. We will do regular follow -up on the implementation of these schemes on a regular basis, with the help of Lead District Manager of Bankers' Committee and Municipal Commissioners in Konkan Region. We will particularly work hard for PM Svanidhi Yojana and Kisan Credit Card scheme to make these successful in Konkan region. We are trying to reach the public in a better way in Konkan Division of Western Maharashtra", he added.

Stating that PM SVANidhi Yojana was started as a flagship scheme during Covid pandemic for reaching out to the poorest of the poor people, the Minister added, "It will go on till 2025. We are working to saturate this scheme. Within next few months, as many street vendors as possible should reap the scheme's benefits".  He further informed that only three criteria are to be fulfilled for reaping benefit of PM SVANidhi scheme, which are, having a bank account, aadhaar card and urban local body's certificate.   

Speaking on Kisan Credit Card, Dr. Karad informed that animal husbandry and fishery has been brought under the ambit of this scheme so that more number of people benefit from it.

Dr. Karad further informed that many bankers' review meetings on flagship schemes have been held in the past at Sambhaji Nagar, Latur, Pune and other places in Maharashtra. In today's meeting, other important welfare schemes like Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and Atal Pension Yojana were also reviewed, stated the Minister. 

MP (Mumbai North) Gopal Shetty, MLA of Bandra (West) Ashish Shelar, MLC Ramesh Patil, BMC Commissioner Iqbal Singh Chahal were also present in the second review meeting.  The Executive Director, Bank of Maharashtra, Vijayakumar A. and General Manager, Bank Of Maharashtra and Head of State Level Bankers' Committee in Maharashtra Vijay Kamble and were present amongst the bank representatives.


PM SVANidhi scheme:

The scheme is a Central Sector Scheme i.e. fully funded by Ministry of Housing and Urban Affairs with the following objectives: (i) To facilitate working capital loan up to Rs 10,000; (ii) To incentivize regular repayment; and (iii) To reward digital transactions. The scheme will help formalize the street vendors with above objectives and will open up new opportunities to this sector to move up the economic ladder.


Kisan Credit Card:

The Kisan Credit Card (KCC) scheme was introduced in 1998 for issue of Kisan Credit Cards to farmers on the basis of their holdings for uniform adoption by the banks so that farmers may use them to readily purchase agriculture inputs such as seeds, fertilizers, pesticides etc. and draw cash for their production needs. The scheme provides broad guidelines to banks for operationalizing the KCC scheme. Implementing banks will have the discretion to adopt the same to suit institution/location specific requirements.


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