Women Entrepreneurs Accorded Preference for Pradhan Mantri’s Mudra Yojna
The PM SVANidhi Se Samriddhi program is a scheme that provides loans to street vendors. During a recent announcement, Nirmala Sitharaman emphasized that municipality officials should identify street vendors yet to benefit from this scheme and extend their assistance. This will help these vendors access the financial support they need to expand their businesses and improve their standard of living.
The latest updates reveal that the PM SVANidhi scheme has approved around 72.44 lakh loans so far. Despite this significant progress, officials suggest that public sector banks (PSBs) need to speed up the loan disbursal process to reach out to more potential beneficiaries under the scheme. This advice was given by an official while addressing a PM SVANidhi outreach program in Tamil Nadu.
“We have disbursed loans to 7,982 beneficiaries under the PM SVANidhi Scheme. People living in Virudhunagar, the media and the authorities should identify the eligible street vendors, tell them about the scheme, and encourage them to avail the benefits of the scheme,” she said.
The Prime Minister’s Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme has been a major support for street vendors across India. According to the Financial Services Secretary, Vivek Joshi, as of 13th November, the scheme has disbursed over ₹95,000 crore and has aided more than 50 lakh street vendors. This information highlights the immense contribution of the scheme towards supporting the livelihoods of street vendors, who are an important part of India’s economy.
“One important aspect of the scheme is that women who are running small businesses, or interested in starting a business, can approach the bank and start their venture by receiving the loans from PM Mudra Yojana scheme. Through this scheme, if 100 people were beneficiaries, 60 of them would comprise women. Women were accorded top priority under the PM Mudra scheme,” said the finance minister.
The Indian Prime Minister, Narendra Modi, has taken steps to ensure that citizens receive financial assistance directly without the involvement of mediators. Therefore, the PM has recommended using technology to track and report the amount received by beneficiaries. A mass movement was initiated to encourage the opening of bank accounts for beneficiaries, with the aim of achieving full coverage of the scheme throughout the country. In addition, the Pradhan Mantri Mudra Yojana scheme was introduced to provide loans through banks, with a special focus on empowering women entrepreneurs.
“Bank-wise targets have been allocated to public sector banks under the scheme,” said Vivek Joshi.
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