PM SVANidhi scheme has completed six years today. Prime Minister Narendra Modi hailed the scheme, saying PM SVANidhi has transformed the lives of countless street vendors by ensuring access to collateral-free credit, financial inclusion and new opportunities for growth.
In a social media post, Mr Modi said this scheme is about trust, dignity and empowerment. He extended his best wishes to the beneficiaries, saying their determination and enterprise continue to strengthen the nation’s economy. Our correspondent reports that since its launch in 2020, more than one crore 12 lakh loans have already been disbursed.
PM SVANidhi has enabled millions of street vendors to access easy credit and build sustainable livelihoods over the last six years. Under the scheme, collateral-free loans of 15 thousand, 25 thousand and 50 thousand rupees are provided in three progressive tranches with interest subsidy and credit guarantee support.
The initiative has benefited over 75 lakh beneficiaries across cities and towns. Loans worth over 17 thousand 800 crore rupees have been provided under the scheme. Over 55 lakh beneficiaries have been onboarded digitally under the scheme. Together, they have carried out over 841 crore digital transactions worth nearly 8.96 lakh crore rupees. Beneficiaries under PM SVANidhi have also received nearly 800 crore rupees through digital cashback incentives and interest subsidies. The scheme has been extended until March 2030.
