Chandigarh Municipal Corporation Engages in National PM SVANidhi Credit Card Initiative
In a significant step towards bolstering financial support for street vendors, the Municipal Corporation (MC) of Chandigarh actively participated in the virtual national launch of PM SVANidhi Credit Cards under the PM SVANidhi Scheme on Friday. This event marked a pivotal moment in extending formal banking services to the informal sector, with the MC playing a crucial role in facilitating the process.
Key Attendees and Program Details
The program was attended by MC Chief Amit Kumar, who led the local delegation. He was joined by the Lead District Manager of Punjab National Bank (PNB), members of the Town Vending Committee, and officials from various participating banks. Additionally, 45 registered street vendors were present, highlighting the community-centric approach of the initiative. The gathering underscored a collaborative effort between government bodies, financial institutions, and vendors to promote economic empowerment.
Financial Assistance Disbursed to Street Vendors
During the virtual launch, substantial financial aid was provided to eligible street vendors as part of the PM SVANidhi Scheme, aimed at supporting their livelihoods and business operations. A total of 50 loans were disbursed by different bank branches, offering much-needed capital to vendors for expanding their enterprises and overcoming financial hurdles. Furthermore, 16 PM SVANidhi Credit Cards were issued to vendors, enabling them to access working capital through the formal banking system. This move is expected to enhance financial inclusion and provide a safety net for small-scale entrepreneurs.
Impact and Future Prospects
The issuance of these credit cards and loans is anticipated to have a positive impact on the local economy in Chandigarh, fostering entrepreneurship and reducing dependency on informal credit sources. The PM SVANidhi Scheme continues to be a cornerstone of the government's efforts to uplift street vendors, and this launch reinforces its commitment to creating a more inclusive financial ecosystem. As the program progresses, it is likely to benefit more vendors across the city, contributing to sustainable urban development.
