PNB disburses 73,000 digital, 8 lakh offline PM SVANidhi loans, targets 5 lakh digital loans in next five years
New Delhi, July 1
Punjab National Bank has disbursed 73,000 loans through digital mode and 8 lakh loans through offline mode under the PM e-SVANidhi scheme and has set a target of disbursing 5 lakh digital loans over the next five years, as per the data shared by Punjab National Bank.
On the occasion of Digital India Day, the public sector lender reiterated its commitment to expanding access to formal credit through digital banking solutions aimed at frontline workers, community service providers and street vendors.
In an official statement on Wednesday, PNB said it is promoting financial inclusion through initiatives such as PNB Shram Saathi and the PM e-SVANidhi scheme, both of which are designed to provide accessible and affordable credit through digital channels.
PNB Shram Saathi is a personal loan scheme targeted at community-based and frontline workers employed by Central and State Government departments or government-supported agencies.
The scheme covers Anganwadi workers, ASHA workers, sanitation workers, mid-day meal cooks, forest workers and other essential service providers.
Under the scheme, eligible beneficiaries can avail collateral-free loans ranging from Rs 10,000 to Rs 1 lakh. The loans come with nil processing charges and a repayment tenure of up to 36 months.
The bank said it continues to actively support the PM e-SVANidhi scheme, which provides collateral-free working capital loans to street vendors and encourages digital transactions through UPI-enabled credit facilities.
The scheme offers progressive loan tranches ranging from Rs 5,000 to Rs 50,000, allowing beneficiaries to access higher credit limits through timely repayments. The scheme also provides eligible borrowers with nil margin and processing charges.
Speaking on the occasion, Debasish Gangopadhyay, General Manager, Digital Banking Transformation Division, PNB, said, "Digital India is not just about technology, it is about making financial services more accessible, inclusive and empowering for every citizen. Through initiatives such as PNB Shram Saathi and PM e-Svanidhi, we are enabling greater financial inclusion while supporting the nation's vision of a digitally empowered society."
The bank added that its focus on digital lending and financial inclusion aligns with the broader objective of expanding access to credit and strengthening the digital economy across the country.
— ANI
Reader Comments
Great initiative! But 73,000 digital loans against 8 lakh offline loans shows we still have a long way to go in digital adoption. Hope PNB focuses more on simplifying the digital process for semi-literate users. The UPI part is good though. 👍
As a small business owner in Mumbai, I've seen firsthand how hard it is for vendors to access formal credit. Zero collateral and no processing fees - this is exactly what we need. But I hope the repayment terms are flexible enough. Vendors have seasonal income, yaar.
Impressive numbers but let's see the ground reality. Many street vendors in my area still don't have smartphones or know how to use apps. The bank should also provide basic digital literacy training along with loans. Otherwise it's just another scheme on paper.
My mother is an ASHA worker in rural UP and she just got a loan through PNB Shram Saathi. She used it to buy a bicycle for her village visits. It's not much but every little help matters. Kudos to PNB for thinking about our frontline workers. 🇮🇳
Honestly I'm skeptical. Banks always have hidden charges or complicated terms. 'Nil processing charges' sounds great but I want to see actual interest rates. For people who need ₹5,000-50,000 loans, even a small extra cost can be crushing. Need more transparency from PNB.
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