Financial inclusion for Ludhiana street vendors.

Ludhiana: Local authorities have intensified efforts to bring the city's informal workforce into the banking fold, hosting a major outreach drive to provide street vendors with direct access to credit and digital financial tools.The "PM SVANidhi drive," held at the Municipal Corporation (MC) Zone C office on Gill Road, focused on streamlining the transition to PMSVANidhi 2.0, a govt initiative designed to provide working capital loans to urban vendors.Direct Access to CapitalThe camp functioned as a "one-stop shop," bringing together civic officials and banking representatives to eliminate the bureaucratic hurdles that often prevent vendors from accessing formal credit. Key services provided during the drive included loan sanctions and disbursement, credit card launch, and digital empowerment.Immediate processing of micro-credit applications to help vendors expand their small businesses. The introduction of specialized credit cards tailored for the unique cash-flow needs of street traders. Training and awareness sessions on digital payment systems to foster transparent governance.Bridging the Administrative GapMC joint commissioner Vineet Kumar emphasised that the initiative is rooted in the philosophy of inclusive growth. "This initiative brought essential services directly to street vendors, ensuring no one is left behind in availing the benefits," Kumar stated.The event facilitated rare, direct interaction between vendors and the "Lead Bank" team, led by Gurdeep Singh. By addressing queries on-site, officials aimed to build trust between the administration and the vendor community, many of whom have historically relied on high-interest informal moneylenders.Commitment to Transparent GovernanceAssistant commissioner Gurpal Singh noted that the drive is part of a broader, continuous commitment by the civic body to ensure that government schemes are implemented with transparency.With "enthusiastic participation" reported across the city's zones, the Municipal Corporation has signaled that similar camps will be organized in the coming months to ensure total coverage of the city's street vending population.MSID:: 127395294 413 |