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50 Lakh Street Vendors To Get Easy Credit Access To Tide Over Covid-19 Crisis
A vegetable vendor in Noida. (Photo by Salman Ali/Hindustan Times via Getty Images via Getty Images)
Finance Minister Nirmala Sitharaman on Thursday (14 May) announced a special credit facility for street vendors wherein they will get easy access to credit. The scheme to this regard will be launched within a month.
The street vendors will be provided with an initial working capital up to Rs 10,000 crore. The working capital credit will be enhanced in the future in lieu of good repayment behaviour.
This is expected to benefit 50 lakh street vendors via a total liquidity infusion of Rs 5,000 crore.
Small businesses which have taken MUDRA-Shishu loans will get an interest subversion of 2 per cent for a period of 12 months. This roughly translates to a Rs 1,500 crore relief for the loanees.
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