Svanidhi Bhi, Samman Bhi’ Fortnight Empowers Street Vendors

Jaipur : To ensure maximum benefits of the PM SVANidhi (Street Vendors Atmanirbhar Nidhi) scheme reach street vendors, the ‘Svanidhi Bhi, Samman Bhi’ fortnight is being organized across all urban bodies and banks from November 18 to December 2, 2024. During this time, camps are being organized in various municipal bodies and banks in the state, where issues related to loan applications of street vendors will be resolved, and new applications will also be accepted.

To ensure the successful organization of this fortnight, a meeting was held on Friday under the chairmanship of Principal Secretary, Urban Development Department, Mr. Rajesh Yadav, at the department headquarters with state and regional-level representatives of prominent banks in the state. During the meeting, the Principal Secretary discussed with bank representatives the pending approved loan applications where disbursement has not been made and applications still pending at the bank level.

Mr. Yadav stated that approximately 74,000 applications are pending at the bank level, either approved but awaiting loan disbursement or yet to be approved. He emphasized that the resolution of these pending applications should ensure the earliest possible loan disbursement to street vendors.

The Principal Secretary further informed that out of around 172,000 received applications, approximately 71,000 applicants have been linked to eight beneficial schemes under the central government’s Svanidhi se Samriddhi initiative.

He urged bank representatives to strive to connect the remaining one lakh Svanidhi beneficiaries with central government schemes at the earliest. Beneficiaries should be informed via messages on their mobile phones to facilitate this.

Notably, under the Svanidhi se Samriddhi initiative, PM SVANidhi beneficiaries and their families are linked to eight major central government welfare schemes.

Promoting Digital Transactions:

During the discussion, Mr. Yadav highlighted that approximately one lakh street vendors under the PM SVANidhi scheme are conducting digital transactions through UPI. He suggested raising awareness among the remaining 78,000 beneficiaries about utilizing digital platforms. He urged all bank representatives to promote digital transactions and ensure the successful organization of the ‘Svanidhi Bhi, Samman Bhi’ fortnight.

The Principal Secretary added that, on the occasion of the completion of one year of the state government’s tenure on December 15, all banks should ensure the disbursement of loans to at least 18,000 beneficiaries. Specific targets have been assigned to all banks for this purpose.

Addressing the meeting, Director and Special Secretary, Mr. Kumar Pal Gautam, emphasized that bank representatives should be present during the camps organized at municipal body premises. This will ensure that applicants do not have to visit banks repeatedly, and their issues are resolved at the camps. He also directed that there should be no delay in loan disbursement for identified beneficiaries and that new applications during the camps should be processed and approved promptly.

Representatives of prominent public sector, private sector, regional rural banks, and small finance banks were present at the meeting.

It is noteworthy that during the ‘Svanidhi Bhi, Samman Bhi’ fortnight from November 18 to December 2, 2024, district-level camps will be organized across the state. These camps will resolve loan-related issues of beneficiaries under the PM SVANidhi scheme and approve and disburse loans for new applicants. Launched during the COVID-19 pandemic, this flagship scheme of the central government provides financial support to street vendors. Under the scheme, street vendors and small traders are initially provided loans of ₹10,000. Beneficiaries repaying their loans on time receive a 7% annual subsidy, with subsequent loans of ₹20,000 and ₹50,000 available. Additionally, beneficiaries conducting digital transactions receive an extra ₹1,200 annually under this scheme.