API Integration Between PM SVANidhi and SBI Portal Launched

CIOReviewIndia Team | Wednesday, 07 October 2020, 08:58 IST

PM SVANidhi

Shri Durga Shanker Mishra, Secretary, Ministry of Housing & Urban Affairs launches the Application Programming Interface (API), which will integrate the PM SVANidhi Portal and the State Bank of India (SBI) portal. It is a part of the Prime Minister’s Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi) Scheme.

Through this integration, there will be data flowing seamlessly between the two portals, which are PM SVANidhi Portal and SBI’s eMudra Portal. It’s a secured environment, providing simple loan sanctioning and disbursement process, benefitting the street vendors who are searching for a working capital loan under the Scheme. After the launch, it is said that the Ministry will be developing similar integration with other banks. A consultative meeting will be conducted for this in the coming days.

From June 01, 2020, the Ministry is implementing the PM SVANidhi Scheme. Through this, it is providing affordable working capital loans to street vendors for restarting their livelihoods which have been affected badly due to the Covid-19 lockdown. The scheme is targeted to benefit 50+ lakh Street Vendors, who had been vending on/before March 24, 2020, in the urban areas, which also includes the vendors from surrounding peri-urban/rural areas.

Through this Scheme, the vendors will get to avail a working capital loan of maximum Rs. 10,000. This loan can be repaid in monthly instalments in a time period of one year. When repayment is done on-time or early, an interest subsidy of 7 percent per annum will get credited to the bank accounts of the beneficiaries through Direct Benefit Transfer on a quarterly basis. No penalty will be awarded on early repayment of the loan.

The scheme is promoting digital transactions through cash-back incentives, which amounts to Rs. 1,200 per annum. The vendors will be able to fulfill their aspiration of rising up the ladder of the economic table through the facility of the enhanced credit limit on timely or early repayment of the loan.

Till  October 6, 2020, 20.50+ lakh loan applications went to the PM SVANidhi Scheme. From this number, 7.85+ lakh got sanctioned and 2.40+ lakh loans are disbursed.

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