The PM SvANidhi ‘PRAISE’ awards ceremony, held on August 28, 2024, at the Capital Convention Centre in Kohima, highlighted both the accomplishments and ongoing challenges of the PM SvANidhi scheme. This initiative, spearheaded by the Ministry of Housing and Urban Affairs (MoHUA), aims to provide working capital loans to street vendors to help them restart or expand their businesses. Originally, the scheme offered loans of up to Rs 10,000, but due to its success, the Ministry has introduced two additional tranches, increasing the loan amounts to Rs 20,000 and Rs 60,000 for beneficiaries who have repaid their previous loans.
During the ceremony, Commissioner and Secretary Kekhrievor Kevichusa highlighted the scheme’s impressive results. As of August 27, 2024, a total of 91.70 lakh loans have been sanctioned nationwide, surpassing the initial target of supporting 50 lakh street vendors. In Nagaland, out of 39 Urban Local Bodies (ULBs), 25 have utilized the loans. Despite Nagaland’s 8th place ranking in terms of absolute numbers among hilly and northeastern states, the state has performed well regarding the percentage of targets achieved.
The scheme is supported by the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE). However, Kevichusa pointed out a significant concern with the application rejection/return rate by lending institutions, which stands at 38.75%. He urged these institutions to be more proactive in processing loan applications to expand coverage to more street vendors.
He also appealed to the Executive Officers of ULBs, especially in the 14 smaller ULBs where no loans have been registered, to spread awareness among street vendors and guide them in accessing these opportunities. The District Urban Development Agencies (DUDAs) are ready to assist in this effort, which is linked to eight central schemes, he added.
State Mission Director, NLUM, SUDA, Peteville Khatau, emphasized the program’s significance in recognizing the commendable efforts of the State, ULBs, and lending institutions. He announced that the State Government has sanctioned 4,047 loans so far. The awards ceremony recognized the top nine institutions and bank branches, as well as seven best-performing ULBs, as acknowledged by MoHUA.
Deputy Director, Kiniholi Kinimi, during the award ceremony, mentioned that the state-level awards ceremony targets the facilitation of 831 winners within August 2024. The Ministry has recognized one Best Performing Lending Institution, eight Best Performing Bank Branches, and seven best-performing ULBs across various cities and towns in Nagaland.
Best Performing Lending Institution was awarded to State Bank of India, while the Best Performing Bank Branches were awarded to: 1. Canara Bank, Dimapur; 2. Indian Bank, Dimapur; 3. State Bank of India, Dimapur; 4. State Bank of India, Bazar, Dimapur; 5. State Bank of India, Kiphire; 6. State Bank of India, Old Market, Dimapur; 7. State Bank of India Rangapahar, Dimapur and 8. State Bank of India, Tuensang.
In the Best Performing ULBs, Dimapur Municipal Council was awarded in Category -I: Class I & II Cities, while Wokha Town Council, Mon Town Council, and Tuensang Town Council were awarded under Category -II: Class III & IV Cities. Medziphema Town Council, Longleng Town Council and Peren Town Council were awarded under Category -III: Class II & IV Cities.
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