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Loans for street vendors should not be an obstacle to ensuring safe roads, traffic movement, say advisers of the elected body

Mangaluru City Corporation advisers at a meeting convened by Diwakar Mayor here on Wednesday suggested that distributing loans to street vendors under Road Vendors Pradhan Mantri Atmanirbhar Nidhi Yojana or PM SVANidhi Scheme should not become a nuisance as it provides safeguards and smooth traffic movement. In city.

The PM SVANidhi scheme was launched on 1 June 2020 by the Union Ministry of Housing and Urban Affairs to help street vendors who were affected by the coronavirus situation resume their living activities. The scheme aims to provide working capital loans up to 10,000 at a subsidized interest rate. The interest subsidy for timely or early loan repayment is at 7 percent and street vendors will be allowed to repay the loan in monthly installments in one year.

If one can pay earlier than the mandate, an interest subsidy of 7% per annum will be credited to the beneficiaries’ bank accounts every quarter. And, there will be no penalty for early loan repayment.

Also, there is a monthly cash back incentive for digital payments. Benefits can be obtained from street vendors or street vendors in urban, pre-urban and rural areas.

Planned commercial banks, rural regional banks, small finance banks, cooperative banks, non-bank financial companies (NBFCs), microfinance institutions and self-help group (SHG) banks will offer loans under the scheme.

A corporate official told the meeting that the government has set a loan advancement target for 5,000 street vendors in the city. Of these, loans have been distributed to 102 sellers now.

The advisers said the civilian body should ensure that there are no duplications in sanctioning and issuing loans as in some cases a street vendor gave his business to many people. Credits must reach the real needy.

They said the civilian authority would have to evict street vendors from certain areas to create space for pedestrians and vehicle traffic. In such cases, the sanctioning of the loan should not prevent their eviction.

One adviser said that although the civilian body had set up a pedestrian area near the Service Bus Station making arrangements for them, none of them had occupied the space reserved for them.

Whip in council, Premananda Shetty suggested loans could be given to those who distributed newspapers on people’s doorstep, along with milk and dairy products.

Corporate Commissioner Akshy Sridhar said the civilian authority has identified 951 vendors in the city.

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