PM SVANidhi crosses 55 lakh beneficiaries, clocks Rs 9 lakh crore digital transactions
New Delhi, May 30
The Pradhan Mantri Street Vendor's AtmaNirbhar Nidhi scheme has digitally onboarded over 55 lakh beneficiaries, who have collectively recorded more than 841 crore digital transactions worth nearly Rs 9 lakh crore, according to an official statement on Saturday.
Over 55 lakh beneficiaries have been onboarded digitally, and they have collectively carried out over 841 crore digital transactions worth Rs 8.96 lakh crore. Beneficiaries have also received nearly Rs 800 crore through digital cashback incentives and interest subsidies, the statement said.
Moreover, building on the strong achievements and measurable impact, the scheme has been extended until March 2030.
PM SVANidhi was launched in June 2020 as a first-of-its-kind micro-credit initiative focused on street vendors with government-backed credit guarantee support.
It has evolved into a nationwide movement advancing financial empowerment, digital inclusion and social security for millions working in India's informal economy.
Beyond providing collateral-free loans, the scheme has encouraged digital adoption, improved access to institutional credit and expanded social security coverage.
The scheme has strengthened business sustainability and improved earnings for vendors across the country. Nearly 95 per cent of beneficiaries accessed formal institutional credit for the first time under PM SVANidhi.
In addition, beneficiary incomes recorded an average annual increase of nearly 20 per cent. The economic gains under PM SVANidhi contributed significantly to improving beneficiaries' living standards, the statement noted.
The scheme supported greater housing stability and improved access to nutritious food, healthcare and education.
It strengthened social inclusion among vulnerable urban communities with nearly 46 per cent of beneficiaries being women and around 70 per cent belonged to marginalised communities.
The scheme provides collateral‑free working capital loans in three progressive tranches of Rs 15,000, Rs 25,000 and Rs 50,000 with interest subsidy and credit guarantee support.
Vendors successfully repaying the second tranche are eligible for UPI-linked RuPay Credit Cards with limits up to Rs 30,000.
Cashback incentives of up to Rs 1,600 are provided to street vendors for retail/wholesale digital transactions to encourage digital adoption and financial literacy.
— IANS
Reader Comments
Great numbers on paper, but let's be honest - how many of these 55 lakh vendors actually understand UPI and digital transactions? My chai wala uncle still uses cash because he's scared of online fraud. The scheme is good, but financial literacy workshops should be mandatory along with loans. Extension till 2030 is welcome news though. 👍
70% from marginalized communities and 46% women - that's impressive inclusivity. The 95% first-time formal credit access is a game changer for our informal economy. My friend runs a small food stall and he told me the third tranche loan of ₹50,000 helped him buy a proper cart. Small steps, big impact. 🇮🇳
Numbers are impressive but I'm concerned about repayment pressure on these vendors. ₹15,000 loan might seem small to us, but for a street vendor struggling daily, it's a big responsibility. Hope they have proper support systems in place for defaults. The RuPay Credit Card option sounds useful though - low limits mean less risk. 🤔
This is what Modi ji's vision of Atmanirbhar Bharat looks like on ground! ₹9 lakh crore in digital transactions from small vendors is mind-blowing. The cashback incentive of ₹1,600 might seem small but it encourages digital literacy at grassroots level. Compare this to previous government's schemes - this is measurable, transparent, and impactful. Jai Hind! 🇮🇳💪
M Michael C As someone We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.