Saturday, July 12, 2025
spot_img

M’laya among only 4 states to disburse loans to street vendors

Date:

Share post:

spot_imgspot_img

NEW DELHI, Dec 15: Only four states including Meghalaya could disburse loans to the vendors within a month under the PM Street Vendor’s AtmaNirbhar Nidhi scheme, but large number of applications were rejected on flimsy grounds, a parliamentary committee has observed.
Lending institutions in only four states and union territories — Jammu and Kashmir, Ladakh, Mizoram and Meghalaya — had been able to disburse loans within 30 days of receipt of an application, the parliamentary committee has observed in its report.
According to the panel’s report tabled in Lok Sabha on Monday, banks all over the country declared about 6.67 lakh loan applications incomplete, citing vendors not being interested in availing the loan, insufficient documents, and other reasons.
The scheme intends to facilitate collateral free working capital loans of up to Rs 10,000 of one-year tenure, to approximately 50 lakh street vendors, to help resume their businesses in the urban areas, including surrounding peri-urban/rural areas.
This was intended empower street vendors by not only extending loans to them, but also for their holistic development and economic upliftment.
It stated that nine states and UTs, including Gujarat, J&K, Jharkhand, Meghalaya, Rajasthan, Telangana, Tripura and Uttar Pradesh, have totally exempted the loans under PMSVANidhi from stamp duty.
However, Andhra Pradesh, Bihar, Delhi, Goa, Karnataka, Kerala, Maharashtra and Odisha still charge more than/equal to Rs 100 stamp duty on loans under PMSVANidhi.

spot_imgspot_img

Related articles

M’laya’s tax share surges 572% to Rs 48,883 cr in 10 years: FM

SHILLONG, July 11: Union Finance Minister Nirmala Sitharaman on Friday highlighted the significant increase in central financial support...

FM eulogises traditional Khasi wisdom

SHILLONG, July 11: Union Finance Minister Nirmala Sitharaman was all praise for the traditional wisdom of the Khasi...

Sitharaman lays base for projects worth Rs 1,400 cr

SHILLONG, July 11: Union Finance Minister Nirmala Sitharaman on Friday virtually laid the foundation for several key projects...