Banking and financial institutions have been warned against delaying loans under ‘Atma Nirbhar’ to street vendors to bail them out from the financial crisis triggered by the COVID-19 pandemic.
As many as 2,287 applications had been submitted to various banks seeking Atma Nirbhar loans in Chamarajanagar district. “Banks should take immediate steps to release loans. Otherwise, action will be taken against them under the Municipalities Act,” warned Deputy Commissioner M.R. Ravi on Friday.
As part of the ₹20 lakh crore stimulus package, loans are being extended to street vendors under Atma Nirbhar Bharat, a programme launched by the Centre to help those impacted by the pandemic and help them overcome the crisis.
Mr. Ravi said the benefits of the programme has to reach street vendors in an effective manner across the district. The loan applications should be cleared immediately without any delay to realize the objectives of the Centre’s programme, he said.
The Deputy Commissioner was speaking after reviewing the progress of disbursing Atma Nirbhar loans to street vendors.
He told the meeting that 100% target should be achieved with regard to the sanction and release of loans. All processes have to be completed online. No excuses will be entertained, he said, warning of action in case of any delay henceforth.
No conditions
Hit by the pandemic, many street vendors lost their livelihood after the lockdown was enforced.
“No conditions (usually applied for releasing the loans by the banks) should be applied while releasing the loans. All beneficiaries should benefit from Atma Nirbhar,” he said.
Mr. Ravi told the officials to monitor the progress of loan applications from banks and provide support if essential for the banks for faster release of the loans.
