The Ministry of Housing & Urban Affairs will integrate the application programming interface (API) between SVANidhi portal and various banks to expedite loan sanctioning and disbursement process under Modi government’s PM SVANidhi scheme for nano entrepreneurs.
To begin with, the ministry launched the API integration between the PM SVANidhi portal and SBI’s eMudra portal. Ministry would perform similar integration with other banks as well for which a consultative meeting will be held shortly.
Advantages of Integration
- This integration will ease uninterrupted data flow between the 2 portals in a secure ambience and accelerate the loan sanctioning and disbursement process that benefits the street vendors who seek working loan capital under the scheme.
- This integration will facilitate the seamless flow of data between the PM SVANidhi Portal and SBI’s mudra Portal in a secure environment.
- It will expedite the loan sanctioning and disbursement process, to benefit the street vendors seeking a working capital loan under the Scheme.
PM SVANidhi Scheme
- The scheme was launched by MoHUA on June 1, 2020, to provide affordable working capital loan to street vendors to resume their livelihoods which have been badly affected due to the COVID-19 lockdown.
- Small Industries Development Bank of India (SIDBI) is the implementing agency for the scheme administration.
- It targets to benefit over 50 lakh Street Vendors who are in this work on or before 24 March 2020, in urban areas that include those from surrounding peri-urban/ rural areas.
- A working capital loan of up to Rs. 10,000 can be availed. It is to be repaid in monthly instalments over a period of one year.
Important takeaways for all competitive exams:
- Minister of State (IC) of the Ministry of Housing and Urban Affairs: Hardeep Singh Puri.