Minister Valte urges banks to disburse loans of PM SVANidhi schemes

Imphal: Manipur tribal affairs and hills minister Vungzagin Valte has urged banks operating in Churachandpur to disburse loans of PM SVANidhi schemes to the approved beneficiaries as soon as possible.

The minister made the plea during a meeting with all the banks (public and private) operating within the district on Saturday at DTC hall, Tuibong.

Valte said that all ATMs will remain open round the clock, smooth banking operations and related activities are essential for the livelihood of the people. He asked the bankers to take a relook at their practices to ensure not to turn down PM SVANidhi scheme beneficiaries of their timely disbursement of loans sanctioned on apprehension of prospective bad loans.

The meeting decided that banks operating within the district will be divided into A and B. A group which consists of Axis Bank, Bank of Baroda, HDFC, MRB, MSCB, SBI/CCP, SBI/Pearson, UCO Bank, Thanlon SBI and ICICI will be opened for transaction on Mondays, Wednesdays and Fridays whereas B group which consists of Canara Bank, CBI, IDBI, PNB, SBI/ Tuibong, SBI/New Lamka, SBI/Loktak, Bank of Baroda/Vijaya Bank and MRB/Saikot will be opened on Tuesdays, Thursdays and Saturdays.

The local administration will provide for adequate security at bank branches to maintain social distancing and adequate staggering of bank account holders in the bank.

It may be mentioned that, under the PM SVANidhi scheme, street vendors can avail collateral-free working capital loans up to Rs 10,000 of one year repayment period. An interest subsidy at 7 per cent per annum is credited to the street vendor’s account on timely early repayment. The number of LoR application received in relation to PM SVANidhi in the district is 321 out of which 293 are already approved.

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