Nagaland has 1,468 beneficiaries under PM SVANidhi scheme

Our Reporter

Dimapur, March 22 (EMN): Nagaland has a total of 1,468 eligible beneficiaries under PM SVANidhi Scheme as on March 7, 2022, and an amount of INR 2,99,393 has been paid as interest subsidy while INR 15,268 has been paid as cash back so far to the beneficiaries.

This was stated by Union Minister of State for Finance, Dr. Bhagwat Kisanrao Karad, in a written reply to a question in Lok Sabha on March 14.

In Northeast state-wise distribution, Assam has the highest number of eligible beneficiaries under PM SVANidhi Scheme with 47,932, followed by Manipur with 8,426, Tripura with 2,922, Arunachal Pradesh with 2,445, while Nagaland stands at fifth position with 1,468 followed by Meghalaya with 558, Mizoram with 470 and Sikkim with lowest number with one eligible beneficiaries under PM SVANidhi Scheme.

As apprised by Ministry of Housing and Urban Affairs (MoHUA), street vendors engaged in vending in urban areas as on or before March 24, 2020, are eligible for benefits under PM SVANidhi Scheme.

The minister also informed that PM SVANidhi is a central sector scheme and funds are not released to the states for disbursal to beneficiaries but loan amount is directly released to the beneficiaries by the lending Institutions.

He added that an interest subsidy of 7% is paid on quarterly basis through direct benefit transfer to the borrower on repayment of the loan installments and cash back of up to INR 100 per month is provided to the street vendors to incentivise digital transactions.