PM interacts with beneficiaries of PM SVANIDHI Yojana from UP

Prime Minister Narendra Modi interacted with beneficiaries of PM SVANIDHI Yojana from Uttar Pradesh through video conferencing.

The Prime Minister while interacting with the beneficiaries gave suggestions on the benefits of digital payment and how to get cashback benefits. He also said with this money one can have the proper education and a better career.

Later in his address, the Prime Minister said earlier it was difficult for even the salaried people to approach the banks for loans while the poor and the street vendors could not even think of approaching the bank. But now, he said, the banks are reaching the doorsteps of people to provide loans for helping the latter start their ventures.

The Prime Minister wished the beneficiaries and lauded the bankers for their efforts. He said their efforts will help the poor celebrate their festivals. He said this day is an important day for AatmaNirbhar Bharat and the day to honour the street vendors. He said the nation recognizes their contribution towards self-reliant India. He said when the Corona pandemic broke out, other nations were concerned about how their workers would cope, but in our country, our workers have proved that they can surmount any challenge and can fight back and win.

The Prime Minister said the Government launched the Garib Kalyan Yojana with a package of Rs 1 Lakh 70 thousand crores to mitigate the sufferings of the poor during the pandemic. He said in the economic stimulus of Rs 20 lakh crores the focus was on the poor. He expressed happiness that the street vendors can resume their work and become self-sufficient again.

Narendra Modi appreciated the speed with which the scheme is being implemented across the country. The Prime Minister said there is no need for a guarantor for the loans under the Svanidhi Scheme and that the provision of loans is hassle-free. One can upload the application online oneself at any common service center or Municipal office or by going to a bank.

The Prime Minister said for the first time since independence street vendors are getting unsecured affordable loans. He said the maximum applications of urban street vendors have come from UP. He said under this scheme, out of the 25 lakh loan applications received in the country, more than 6.5 lakh applications are from UP alone. Out of the 6.5 lakh applications received from UP, 4.25 lakh applications have been approved. He said that stamp duty has been exempted for the loan agreement of Swanidhi Yojana in UP.

The Prime Minister thanked the Government of UP for providing financial assistance of Rs 1000 to 6 lakh street vendors during the pandemic.

He said that most of the street vendors who were given the loan through the Swanidhi scheme are repaying their loan on time proving that small-time borrowers do not compromise on their honesty & sincerity.

The Prime Minister urged the need to spread awareness about the scheme to as many people as possible. He said under this scheme there will also be a 7 percent discount on interest on timely repayment and there will be Rs 100 cashback a month on digital transactions.

The Prime Minister remarked that people doubted the efficacy of the Jan Dhan accounts but that the same today are helping the poor at the time of crisis.

He listed the initiatives of the Government for the welfare of the poor.

On this occasion, the Prime Minister assured the street vendors, workers, and farmers, that the country will leave no stone unturned to advance their business and improve their life.