DFS, PSB reviews progress of PM SVANidhi scheme

NEW DELHI: Dr Vivek Joshi, Secretary, Department of Financial Services (DFS), Ministry of Finance, along with the Heads of various Public Sector Banks (PSBs), held a review meeting to examine the progress of PM Street Vendor’s Atma Nirbhar Nidhi (SVANidhi) scheme.

Dr Joshi urged to increase the pace of utilisation of the sanctioned funds and devise a strategy for increased efforts at digital onboarding of the street vendors. DFS Secretary also asked the banks to work on digital payments by the street vendors.

The progress of the PM SVANidhi scheme is regularly examined by the Ministry of Housing and Urban Affairs in collaboration with the Department of Financial Services to ensure smooth and successful implementation of the scheme.

According to the records, as of July 19, 2023, 53.41 lakh applications have been sanctioned, and ₹6,472 crores have been sanctioned for 50.52 of those applications.

Earlier in May, public sector banks, in collaboration with the urban local bodies, organised a special campaign. Around 6,808 camp units were built as part of this campaign, during which 1,02,358 applications were sanctioned, 1,01,354 were disbursed, and 1,06,432 vendors were onboarded digitally.

The department has also urged the banks to organise seminars, workshops and financial literacy programmes to generate awareness among the people regarding the provisions and benefits of the scheme. DFS has also requested the banks to award street vendors based on their performance in digital transactions.