- CS expressed displeasure in state-level bankers’ committee meeting
- Notices will be issued to bank managers
Bhopal, In a strong rebuke, Chief Secretary Anurag Jain on Thursday expressed deep dissatisfaction with banks in Madhya Pradesh over the massive backlog of PM SVANidhi loan applications. During a State Level Bankers’ Committee (SLBC) meeting at the Ministry, it was revealed that a staggering 19,196 applications from street vendors are currently pending with various banks across the state.
Chief Secretary Jain termed this inaction “irresponsible” and announced that notices will be issued to bank managers whose branches have the highest number of unresolved PM SVANidhi cases. He further directed that all pending applications must be cleared within 15 days.
Critical scheme for street vendors stalled
The PM SVANidhi scheme, launched during the COVID-19 pandemic, aims to provide collateral-free loans of up to Rs 10,000 to street vendors, helping them boost their businesses and achieve financial self-reliance. Vendors who repay on time become eligible for a subsequent interest-free loan of up to Rs 20,000. The current delay in processing these vital applications severely hinders the scheme’s objective of empowering the state’s vulnerable street vendor community.
Broader financial inclusion discussed
Beyond PM SVANidhi, the SLBC meeting also reviewed the financial year 2024-25 bank business and credit plan, the status of new bank branches, and various other central government schemes, including Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Jan-Dhan Yojana, Atal Pension Yojana, National Rural Livelihood Mission, and PM Vishwakarma Scheme. Discussions also covered credit flow to sectors like agriculture, horticulture, animal husbandry, and fisheries.
Chief Secretary Jain additionally instructed officials to ensure beneficiaries receive benefits under the SVAMITVA scheme and directed the finance department to launch a financial literacy campaign to inform citizens about insurance claims under various schemes.
