The government is giving loans up to Rs 50,000 without guarantee. Heavy subsidy is being given on this loan. Along with this, cashback is also being given to the borrowers.
According to the official statement, this proposal was approved in the meeting of the Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi. Under the PM Svanidhi Yojana, cheap loans are given to street vendors and vendors without any collateral.
Exercise to make self-reliant
According to the statement, ‘an amount of Rs 5,000 crore was kept for giving loans in this scheme. With the approval of the Cabinet, the total loan amount has increased to Rs 8,100 crore. As a result, street vendors will get working capital, so that they can increase their business and make them self-reliant.
The budget has also been increased to encourage digital payments including ‘cash-back’ for street vendors . About 1.2 crore people of urban areas will benefit from this approval.
