The PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme has completed one year of its restructured phase, with a stronger focus on formal credit, digital financial inclusion, social security, capacity building and entrepreneurship for urban street vendors.
The scheme, launched in June 2020 to provide collateral-free working capital loans to street vendors, was restructured and extended until March 31, 2030, with an aim to benefit 1.15 crore vendors, including 50 lakh new beneficiaries.
During the first year after restructuring, 21.86 lakh loans worth Rs 6,294 crore were disbursed to 10.56 lakh new beneficiaries.
To expand access to formal credit, the scheme has introduced a UPI-linked RuPay Credit Card with a credit limit of up to Rs 30,000 for eligible vendors. So far, 27,077 credit cards have been approved.
The introduction of an end-to-end Digital Lending Platform has streamlined the loan process from application and verification to approval and disbursement. A Vendor Migration Module has also been developed to ensure seamless transfer of Letters of Recommendation when vendors move between Urban Local Bodies and Census Towns.
The scheme is also expanding its reach through the City Region Approach, bringing Census Towns into the programme and enabling more vendors to access formal credit and livelihood support.
Beyond credit, PM SVANidhi is promoting entrepreneurship and innovation through the PM SVANidhi Startup Challenge, while plans are underway to develop 50 Street Food Hubs across the country. Cities can receive financial assistance of up to Rs 4 crore per hub, along with an additional Rs 25 lakh for notification of vending zones.
Since its inception, the scheme has enabled 78.68 lakh street vendors to access more than 1.18 crore loans worth Rs 19,171 crore. Around Rs 421 crore has been released as interest subsidy to encourage timely repayment.
Digital adoption has also increased, with 57.09 lakh vendors undertaking more than 908 crore digital transactions. Under SVANidhi se Samridhhi, socio-economic profiling of more than 51.15 lakh beneficiary families has been completed, while over 1.59 crore sanctions have been made under eight central government welfare schemes for eligible family members.
The government has also released Rs 418.78 crore in cashback incentives to promote digital transactions, while more than 6 lakh street food vendors have received FSSAI training on food safety and hygiene.
PM SVANidhi has therefore evolved from a working-capital lending programme into a broader livelihood and entrepreneurship initiative, combining formal credit, digital inclusion, social security, skill development, innovation and improved vending infrastructure.