Finmin asks PSBs to step up efforts on PM SVANidhi scheme
On Thursday, the Ministry of Finance urged public sector banks to develop a strategy and intensify efforts to increase the enrollment of digital street vendors and expand the scope of their digital payments.
This came as part of a review of the performance of the PM SVANidhi scheme and other financial inclusion programs of the central government.
DFS Secretary Vivek Joshi, who presided over the review meeting, urged banks to expedite the cancellation of pending penalties/disbursement of orders under the PM SVANidhi scheme.
PM SVANidhi scheme envisions empowering street vendors with hassle-free access to affordable credit and digital preparation for their economic development.
As of 19 July 2023, up to 53.41 lakh applications have been sanctioned, while payments of up to Rs 6,472 lakh have been executed on 50.52 lakh applications.
In May 2023, a special campaign was organized by banks and urban local authorities.
A total of 6,808 camps were set up during the campaign period. A total of 1,02,358 applications were approved and 1,01,354 applications were disbursed. Additionally, 1,06,432 digital sellers were onboarded during the campaign.