Govt announces Rs 5,000-cr Special Credit facility for street vendors
Published By : Prameya News Bureau | May 14, 2020 IST
Share
New Delhi, May 14: Sensing adverse impact on the livelihood of street vendors due to COVID-19 pandemic, the Centre on Thursday announced Rs 5,000- crore special credit facility to benefit nearly 50 lakh such vendors. The scheme will be launched within one month, Finance Minister Nirmala Sitharaman said at a press briefing. The Minister said that Rs 10,000 loan will be given to the needy vendors, but this is not a fixed amount, and will be decided after consultation with banks. Digital payments will be incentivized through monetary rewards and enhanced working capital credit would be made available for good repayment behaviour, she said. The Minister said the scheme will support nearly 50 lakh street vendors and will provide liquidity of Rs 5,000 crore. The announcement came two days after Prime Minister Narendra Modi announced a Rs 20 lakh-crore stimulus support to boost different sectors and help farmers and poor which have been facing a tough time during the nationwide lockdown continuing for over 40 days to contain the spread of the coronavirus pandemic. The current 3.0 lockdown will end on May 17. (IANS)
News7 Is Now On WhatsApp Join And Get Latest News Updates Delivered To You Via WhatsApp
You Might Also Like
More From Related News
EcoR to run 10 Summer Special trains in Odisha, Know details.....
PayU gets RBI's in-principle nod to operate as payments aggregator
RBI lists 6 factors powering India’s take-off to become world’s 3rd largest economy
Parveen Verma appointed as CEO, TPWODL
Apple ecosystem is one of the leading employment generators in India: Vaishnaw
Internet subscribers reach 936.16 million in India, telephone subscribers cross 1.19 billion: TRAI
BharatPe launches India's first all-in-one payment device
Aston Martin launches new sports car 'Vantage' at Rs 3.99 cr in India
India's first all-in-one payment device launched
Ola becomes 1st to launch ride-hailing operations at Ayodhya Airport
Reliance Industries becomes first Indian company to cross Rs 1 lakh crore threshold in pre-tax profits
Govt bonds worth Rs 32,000 crore to be auctioned on April 26
Travel searches for Ayodhya, Ujjain, Badrinath increased: Report
Entrepreneurship is just a state of mind: Narayana Murthy
Experience unparalleled features with realme NARZO 70 5G & NARZO 70x 5G
Most sectoral indices in the green, small caps outperform
Zomato hikes mandatory platform fee by 25pc
Direct tax collections shoot past budget target by Rs 1.35 lakh cr in 2023-24
Direct tax collections shoot past budget target by Rs 1.35 lakh cr in 2023-24
Earnings season, global cues to shape market trends