PM SVANidhi transformed lives of countless street vendors: PM Modi

New Delhi: Prime Minister Narendra Modi on Monday said the PM SVANidhi scheme supporting street vendors has transformed the lives of countless hawkers by ensuring access to collateral-free credit, financial inclusion and new opportunities for growth.

On the completion of six years of the scheme, he also said that PM SVANidhi is all about trust, dignity and empowerment.

"Today we mark #6YearsofPMSVANidhi, a scheme which has transformed the lives of countless street vendors by ensuring access to collateral-free credit, financial inclusion and new opportunities for growth. This scheme is all about trust, dignity and empowerment. My best wishes to all beneficiaries whose determination and enterprise continue to strengthen our nation’s economy," Modi said in a post on X.

The Prime Minister Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) is a central sector scheme supporting street vendors through affordable working capital, financial inclusion and social protection measures.

The PM SVANidhi was launched during the COVID-19 pandemic to provide affordable working capital loans to street vendors whose businesses had been severely affected. As the first dedicated micro-credit scheme for street vendors, who constituted a significant part of the informal workforce and often had limited access to formal credit, it aimed to support the growth of their businesses while promoting financial inclusion.

The scheme was launched in June 2020. It is a joint responsibility of the Ministry of Housing and Urban Affairs (MoHUA) and the Department of Financial Services (DFS).

More than 1.12 crore collateral-free loans worth over Rs 17,800 crore have been disbursed under the PM SVANidhi scheme since its launch in June 2020, emerging as a key driver of financial inclusion and economic empowerment for street vendors.

The scheme has benefited over 75.5 lakh street vendors across urban India, helping them access formal credit, adopt digital payments and avail social security benefits.