PM SVANidhi Portal Launched (Beta Version); Loan Applications from Street Vendors will be Accepted from 2nd July

Secretary, Housing & Urban Affairs, Durga Shanker Mishra has launched the Beta version of PM Street Vendor’s Atma Nirbhar Nidhi “PM SVANidhi” Portal in presence of officials from States/UTs, Banks, Payment aggregators and other stakeholders. Leveraging on the digital technology solutions, the portal provides for an integrated end to end IT interface to users for availing benefits under the scheme.

From the launch of PM SVANidhi, on June 1, 2020, Ministry has held detailed interactions with different type of lenders like Banks, MFIs and NBFCs. Taking into account the suggestions received, a detailed operational guidelines for the lenders are prepared, which are being issued. It is likely that shortly, all the lenders will issue detailed operating guidelines for this scheme to their field offices to facilitate smooth implementation of the scheme.

An integrated IT platform (pmsvanidhi.mohua.gov.in) to give an end-to-end solution for scheme administration is being developed by SIDBI. It is the scheme implementation partner for PM SVANidhi. The portal will facilitate various scheme functions such as loan application flow, Mobile App, e-KYC of applicants, integration with UIDAI, Udyamimitra, NPCI, PAiSA, lenders, States, ULBs and other stakeholders, calculation of digital incentives and payment of interest subsidy etc.

One of the important features of the scheme is to nudge the beneficiaries for digital transactions by engaging with the Digital Payment Aggregators. Ministry has also received excellent response from all of them. HUA Secretary has expressed his pleasure on the fact that AmazonPay, FTCash, MSwipe, PayTM, PaySwiff, and PhonePe have offered to onboard the vendors free of cost by absorbing the expenses at their end. It is likely that others will also follow suit.

In addition to the banks already on boarded, 15 MFIs have been onboarded on the portal and many more are expected to join in the coming weeks. The portal will be continuously upgraded to add functionalities.

PM SVANidhi Portal to accept loan applications from Street Vendors

The PM SVANidhi Portal shall start accepting loan applications from Street Vendors from 2nd July, who can apply directly or with the help of CSCs/ ULBs/ SHGs. The Mobile App facilitated with e-KYC module & loan application flow, to be used by lenders and their agents for application origination, shall be released during this week. The Portal integration with different lenders shall commence during this week and in the next few weeks we hope to complete this integration with all the major lenders. The module to enable street vendors to apply directly for Letter of Recommendation (LoR) to the concerned ULB will be ready by 10th July, 2020.

Adding to it, the Secretary, HUA has also expressed confidence that this portal will not only enable the implementation of the scheme during next 21 months but it will play a very significant role in years to come for helping meet the expectations & aspirations of street vendors who play very important role in our urban eco-system.