Puducherry bags 2nd place for best loan performance

PUDUCHERRY: Puducherry has been awarded the second prize in the category of ‘Best Performing States for Loan Performance’ for small states and Union Territories under the PM Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi) Scheme.

S Sakthivel, Director of the Local Administration Department and State Mission Director for the National Urban Livelihood Mission (NULM) & PM SVANidhi announced the award. The PM SVANidhi scheme aims to provide working capital loans to street vendors whose business were adversely impacted by Covid-19. The scheme offers a phased loan support system: an initial loan of up to Rs 10,000, followed by subsequent loans of Rs 20,000 and Rs 50,000.

These loans are facilitated through various financial institutions, including Scheduled Commercial Banks, Regional Rural Banks (RRBs), Small Finance Banks (SFBs), Cooperative Banks, Non-Banking Finance Companies (NBFCs), Microfinance Institutions (MFIs), and Self-Help Group Banks. Additionally, a 7% interest subsidy is provided to street vendors who promptly repay their loans.