Insistence on CIBIL score holds up street vendor scheme applications, say bankers’ panel

The State Level Bankers’ Committee (SLBC), Tamil Nadu, has flagged the issue of many banks insisting on the CIBIL score for sanction of loans under the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi).

The SLBC has cited the instruction from the Directorate of Financial Services, under the Union Ministry of Finance, not to consider the CIBIL score and has told the member-banks to reconsider the rejected applications.