Benefits of PM Swanidhi Yojana stuck in Madhya Pradesh, more than 19 thousand cases pending
Madhya Pradesh Banks Ordered to Clear PM SVANidhi Backlog-A storm is brewing in Madhya Pradesh as the government cracks down on delays in the Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme.** Thousands of applications remain pending, prompting a stern response from Chief Secretary Anurag Jain.
The Pending Problem-Over 19,000 applications under the PM SVANidhi scheme are stuck in bureaucratic limbo. This significant delay has caused considerable distress to street vendors who desperately need the financial assistance promised by the scheme. The government’s inaction has left many struggling to make ends meet.
Understanding PM SVANidhi-The PM SVANidhi scheme is a micro-credit initiative designed to support street vendors. It provides working capital loans of up to ₹10,000 to help them restart or expand their businesses. Launched on June 1, 2020, the scheme was intended to provide crucial relief, especially in the wake of the COVID-19 pandemic.
Slow Progress, Mounting Frustration-While intended as a lifeline for struggling vendors post-COVID, the scheme’s implementation has been marred by delays. The slow pace of processing applications has created frustration and hardship for those who need the financial assistance the most. The government’s initial slow response has only exacerbated the situation.
15-Day Deadline Issued-To address the backlog, Chief Secretary Anurag Jain has issued a strong warning to banks. All pending applications must be processed within 15 days. Failure to comply will result in notices being issued to bank managers. This firm action signals a determination to resolve the issue swiftly.
Hope for a Speedy Resolution-The government’s decisive action has spurred banks into action. With a strict deadline in place, there is hope that the pending applications will be processed quickly. This will provide much-needed relief to street vendors and allow them to get back on their feet.
