Latest News | Over 90% Loans Under PM SVANidhi Sanctioned by PSBs: FinMin

New Delhi, Sep 11 (PTI) The finance ministry on Friday said public sector banks (PSBs) have sanctioned over 90 per cent loans under the PM SVANidhi scheme to help registered street vendors restart their business post the COVID-19 lockdown.

The union government had launched the PM Street Vendor's AatmaNirbhar Nidhi (PM SVANidhi) scheme on June 1 to help poor street vendors impacted by the COVID-19 pandemic resume livelihood activities.

Also Read | India's GDP to Contract Upto (-)11.5% During Financial Year 2020-21: Moody's Investor Service.

Under the scheme, street vendors of urban areas get collateral-free loan of up to Rs 10,000 for a period of one year.

The scheme was part of Rs 20.97 lakh crore Aatmanirbhar Bharat Abhiyan package announced by Finance Minister Nirmala Sitharaman in May.

Also Read | Maharashtra Reports Highest Single-Day Spike of 24,886 COVID-19 Cases; State’s Coronavirus Tally Crosses 10 Lakh-Mark, Death Toll Mounts to 28,724.

"PSBs at the forefront of #PMSVANidhi. Over 90% of loans under the scheme are sanctioned by PSBs. Committed to create #AatmaNirbharVendors for an #AatmaNirbharBharat!," the Department of Financial Services said in a tweet.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)