Centre Urges Collaboration Between Banks And Civic Bodies For PM SVANidhi Scheme's Success
Union Minister of State for Finance Bhagwat K Karad on Saturday chaired a significant regional-level meeting on Saturday. The meeting, which assessed the PM SVANidhi Scheme's advancement in the states of Bihar, Jharkhand, Odisha, and West Bengal, saw the minister stressing the importance of collaboration between banks and civic bodies for the successful implementation of the scheme.
During the meeting, Karad issued a call to action for civic bodies to work closely with financial institutions in order to achieve the scheme's objectives effectively. The PM SVANidhi scheme, aimed at providing easy loans to street vendors, has garnered attention due to its potential to uplift the livelihoods of those affected by the COVID-19 pandemic.
One of the key directives outlined by Karad was for civic bodies to meticulously review applications that had been returned by banks and subsequently rectify any errors before resubmitting them. To expedite the process, he urged civic bodies to adopt a 'camp mode' approach, facilitating the collection of fresh applications and working towards meeting the scheme's targets within a specified timeframe.
Recognising the digital transformation as a crucial aspect of the scheme's success, Karad encouraged civic bodies to innovate and enhance the digital onboarding process for street vendors. This strategic approach is expected to streamline the application process and ensure seamless access to the scheme's benefits.
The minister's address also emphasised the necessity of accurate profiling for beneficiaries under the PM SVANidhi scheme and their families. This profiling would facilitate their linkages to various central welfare initiatives, thereby ensuring a more comprehensive and holistic approach to their well-being.
The regional-level meeting was attended by a diverse range of stakeholders, including representatives from state governments, commissioners of municipal administrations, and convenors of State Level Banker's Committees (SLBCs). This inclusive gathering highlighted the commitment of all concerned parties to collaborate and contribute to the successful implementation of the PM SVANidhi scheme.
