A total of 817 vendors received the loans from CM N Biren Singh on Tuesday
A total of 817 vendors received the loans from CM N Biren Singh on Tuesday|Facebook

Manipur CM distributes loans to over 800 street vendors

The loans would be provided to a total of around 20,000 vendors from different parts of the state, says chief minister N Biren Singh

Vangamla Salle K S

Vangamla Salle K S

Imphal: Manipur chief minister N Biren Singh on Tuesday distributed loans to a total of 817 vendors of different districts to support them in resuming their vending activities which have been affected by the lockdown.

According to the official report, at least 368 street vendors were benefitted under the Pradhan Mantri Street Vendor’s Atmanirbhar Nidhi - PM SVANidhi and another 449 regular licensed vendors, including 14 from hill districts were provided assistance under the Pradhan Mantri Mudra Yojana (PMMY) - SHISHU.

Speaking on the occasion, the chief minister said that Manipur is comparatively better in COVID-19 pandemic situation when compared with other States. It was due to the timely decision taken by women vendors to close the three Ima Keithels, he observed. Singh further said that he visited Khwairamband Ima Keithel on March 19, 2020 and discussed with women vendors about the gravity of the situation, upon which they readily agreed to close all the three Ima Keithels from the next day.

CM Biren Singh said that the state government understands the financial difficulties which the vendors have been facing since the past five months amid the pandemic lockdown.

And as such, the government has decided to extend financial help in the form of loans to them under two different Government schemes in consultation with different banks so that they may start their livelihood anew, he added.

Singh further said that loans would be provided to a total of around 20,000 vendors from different parts of the state.

I have requested the Union Ministry of Housing and Urban Affairs to allow utilization of funds from the Ministry in hill district headquarters as well, he said.

PM SVANidhi was launched by Ministry of Housing and Urban Affairs on June 15, 2020. It is a special micro credit scheme for providing affordable working capital loan to street vendors to resume their livelihoods that have been affected due to COVID-19 lockdown.

Under the scheme which is valid until March 2022, the street vendors, who were vending within the limits of an urban local body as on 24th March, 2020, can avail working capital loan of up to 10,000, which is repayable in monthly installments within the tenure of one year.

Also, on timely and early repayment of loan, an Interest subsidy of 7% per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer (DBT) on quarterly basis. The scheme promotes digital transactions through cash back incentives up to an amount of Rs. 7100 per month. The vendors can avail the facility of escalation of the credit limit on timely / early repayment of loan, it said.

Pradhan Mantri Mudra Yojana (PMMY) - SHISHU was launched by Prime Minister Narendra Modi on April 8, 2015 for providing loans to non-farm small micro enterprises. The amount of loan disbursed ranges from Rs 10,000 to Rs 1,50,000.

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