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BUDGAM: District Administration Budgam today participated in the nationwide live streaming of the launch of the PM SVANidhi Credit Card by the Hon’ble Prime Minister of India, Shri Narendra Modi, aimed at further strengthening financial inclusion and urban livelihoods of street vendors.
In this connection, a programme was organised in Budgam, where in Deputy Commissioner (DC) Budgam, Dr. Bilal Mohi-ud-din Bhat, distributed sanction letters among 21 street vendors of the district.
Speaking on the occasion, the DC said that the PM SVANidhi Credit Card will significantly empower street vendors by providing them with easy access to institutional credit, enabling them to expand their businesses and improve their livelihoods.
He further said that the PM SVANidhi scheme, launched by the Government of India, provides collateral-free working capital loans of ₹15,000 in the first tranche, followed by ₹25,000 in the second tranche and ₹50,000 in the third tranche on timely repayment. The scheme also offers interest subsidy and incentives for digital transactions, encouraging vendors to adopt cashless modes of payment.
The DC emphasised that the initiative reflects the Government’s strong commitment towards financial inclusion, self-employment, and economic self-reliance of the urban poor. He urged the beneficiary vendors to utilise the credit facility judiciously and productively to sustainably grow their businesses and improve their socio-economic conditions. Besides, CEO MC Budgam , senior officers and officials of the District participated in the event.
