GVMC disburses Rs 12.95 crore in loans to 6,517 street vendors under PM SVANidhi

GVMC has given Rs 12.95 crore in loans to 6,517 street vendors in Visakhapatnam under the PM SVANidhi scheme. GVMC Project Director (UCD) B.V. Ramana said this on Monday.

The corporation is working to get bank loans for another 4,000 street vendors in phases. He was speaking at a meeting with Town Vending Committee members at Bheemili Zonal Office, held under Bheemili Zonal Commissioner Ippi Naidu.

Under the scheme, street vendors can get loans up to Rs 15,000 in the first stage, Rs 25,000 in the second and Rs 50,000 in the third. The scheme will help street vendors get credit and join the formal banking system.

GVMC Urban Community Development (UCD)/MEPMA Department is running the scheme. Credit cards have been issued to 25 street vendors so far. Ramana said efforts are on to connect street vendors with banking services, insurance and social security schemes, including Pradhan Mantri Jeevan Jyoti Bima Yojana.