PM SVANidhi Benefits 75.5 Lakh Street Vendors

The PM SVANidhi scheme, a flagship micro-credit initiative of the ministry of housing and urban affairs, has completed six years, focusing on providing collateral-free credit, promoting digital inclusion and extending social security to street vendors.

Union housing and urban affairs minister Manohar Lal Khattar, along with Tripura Chief Minister Manik Saha, interacted with beneficiaries from northeastern States and distributed credit cards and loan sanction letters to vendors in Tripura.

Lal said the scheme was launched by Prime Minister Narendra Modi to support street vendors and strengthen livelihoods in the informal urban economy.

“Objective of the scheme was not merely to provide collateral-free loans, but also to ensure dignity, confidence and opportunities for street vendors to move forward in life with financial security and social recognition,” he said.

He said over 2.59 lakh loans had been sanctioned in the northeastern region, amounting to more than ₹430 crore. In Tripura, over 9,300 loans had been sanctioned with nearly ₹15 crore disbursed.

The minister said the scheme had facilitated financial inclusion, with a large number of beneficiaries accessing formal banking for the first time. Nearly 95 per cent of beneficiaries availed institutional credit for the first time, while about 30 per cent accessed additional credit beyond the scheme.

He said more than 55 lakh beneficiaries had been onboarded digitally, undertaking over 841 crore transactions worth nearly ₹8.96 lakh crore. Beneficiaries also received around ₹800 crore through digital cashback incentives and interest subsidies.

The scheme has been extended till March 2030, with beneficiary incomes registering an average annual increase of about 20 per cent, reflecting its impact on livelihoods.