Launching of HDFC Bank’s micro-credit facility

• HDFC Bank on November 17 announced the launch of micro-credit facility for street vendors, PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi), with common service centres (CSC).

• Under this move HDFC Bank would facilitate PM SVANidhi for its village-level entrepreneurs (VLEs) on the digital sewa portal where vendors can complete the entire process online.

• The scheme is actually a collateral-free affordable loan of ₹10,000 with an interest subsidy of 7%.

• Under the schem VLEs must understand the loan application requirements, ensure the mobile number is linked to the Aadhaar and check the eligibility status of their application as per the scheme rules.