The Urban Development & Municipal Department of Nagaland celebrated the success of street vendors with the state-level PM SvANidhi 'PRAISE' awards at the Capital Convention Centre in Kohima on August 28.
KOHIMA, AUGUST 28 (MExN): The Urban Development & Municipal Department of Nagaland celebrated the success of street vendors with the state-level PM SvANidhi 'PRAISE' (Performance Recognition for Access to Financial Inclusion and Street Vendors Empowerment) awards at the Capital Convention Centre today.
The event was held under the auspices of the Ministry of Housing and Urban Affairs (MoHUA), a DIPR report stated.
In his keynote address, Commissioner & Secretary Kekhrievor Kevichusa, IPoS, emphasized the scheme’s goals to recognize significant achievements and motivate others. He highlighted that the PM SvANidhi scheme, which provides working capital loans of up to Rs 10,000 to street vendors, has been expanded to include additional tranches of Rs. 20,000 and Rs 60,000 for those who have successfully repaid their loans.
Kevichusa also reported that the scheme, initially targeting 50 lakh street vendors, has surpassed expectations with 91.70 lakh loans sanctioned nationwide as of August 27, 2024. In Nagaland, 25 of the 39 Urban Local Bodies (ULBs) have utilized these loans. Although Nagaland ranks 8th among Hilly and North Eastern States in terms of absolute numbers, the state has performed well in achieving its targets. Efforts are ongoing to improve success rates through collaboration with ULBs and lending institutions.
The Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) supports the scheme. However, Kevichusa raised concerns about the high application rejection rate by lending institutions, which currently stands at 38.75%. He called for greater diligence in processing loan applications and urged Executive Officers of ULBs, especially in smaller ULBs with no registered loans, to raise awareness and guide vendors in accessing these opportunities. District Urban Development Agencies (DUDAs) are prepared to assist in these efforts.
State Mission Director of NLUM, SUDA, Peteville Khatau, in his welcome speech, underscored the importance of the awards in recognizing the efforts of the state, ULBs, and lending institutions. He announced that the State Government has sanctioned 4,047 loans to date.
The awards ceremony recognized top performers, including the Best Performing Lending Institution, State Bank of India, and eight Best Performing Bank Branches. The honored branches were: Canara Bank, Dimapur; Indian Bank, Dimapur; State Bank of India branches in Dimapur, Bazar, Kiphire, Old Market, Rangapahar, and Tuensang.
In the ULB categories, the Dimapur Municipal Council was awarded in Category-I (Class I & II Cities). The Wokha Town Council, Mon Town Council, and Tuensang Town Council received awards in Category-II (Class III & IV Cities), while Medziphema Town Council, Longleng Town Council, and Peren Town Council were recognized in Category-III (Class II & IV Cities).
The ceremony aimed to honor 831 winners by the end of August 2024, highlighting the significant contributions of various institutions and local bodies in supporting street vendors across Nagaland.
