Dimapur Municipal Council (DMC) secured the best performing Urban Local Bodies (ULBs) in category-I (Class I & II Cities) in the state level PM SvANidhi ‘PRAISE’ (Performance Recognition for Access to Financial Inclusion and Street Vendors Empowerment) awards held at the Capital Convention Centre, Kohima on August 28.
Wokha Town Council, Mon Town Council, and Tuensang Town Council were awarded under Category –II (Class III & IV Cities) and in category-III (class II &IV cities)- Medziphema Town Council, Longleng Town Council and Peren Town Council received the award.
This was stated in a DIPR report. In the best performing lending institution, State Bank of India won the award, while the best performing bank branches were awarded to: Canara Bank, Dimapur; Indian Bank, Dimapur; State Bank of India, Dimapur; State Bank of India, Bazar, Dimapur; State Bank of India, Kiphire; State Bank of India, Old Market, Dimapur; State Bank of India Rangapahar, Dimapur and State Bank of India, Tuensang.
The event was hosted by Urban Development & Municipal Department, under the initiative of the Ministry of Housing and Urban Affairs (MoHUA). Delivering key note address, Commissioner & Secretary, Kekhrievor Kevichusa, IPoS, highlighted the PM SvANidhi scheme, which aims to provide working capital loans of up to Rs. 10,000 to street vendors. Owing to the scheme’s success, the Ministry has introduced two additional tranches, offering loan amounts of Rs. 20,000 and Rs. 60,000 to beneficiaries who have successfully repaid their previous loans, Kevichusa said.
Kevichusa also revealed that while the scheme initially aimed to support 50 lakh street vendors, as of August 27, 2024, a total of 91.70 lakh loans have been sanctioned nationwide. In Nagaland, out of the 39 ULBs, 25 have availed the loans.
The scheme is supported by the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE). However, Kevichusa pointed out a significant concern with the application rejection/return rate by lending institutions, which stands at 38.75%.
He therefore urged those institutions to be more proactive in processing loan applications to expand coverage to more street vendors. He also appealed to the Executive Officers of ULBs, especially in the 14 smaller ULBs where no loans have been registered, to spread awareness among street vendors and guide them in accessing these opportunities.
State Mission Director, NLUM, SUDA, Peteville Khatau, in his welcome speech, emphasized the program’s significance in recognizing the commendable efforts of the State, ULBs, and lending institutions. He announced that the State Government has sanctioned 4,047 loans so far.
The awards ceremony recognized the top nine institutions and bank branches, as well as seven best-performing ULBs, as acknowledged by MoHUA. Deputy Director, Kiniholi Kinimi, during the award ceremony, mentioned that the state-level awards ceremony targets the facilitation of 831 winners within August 2024. The Ministry has recognized one Best Performing Lending Institution, eight Best Performing Bank Branches, and seven best-performing ULBs across various cities and towns in Nagaland.