Prime Minister Narendra Modi. | Photo credit: The Hindu
Prime Minister Narendra Modi on Monday (June 1, 2026) said Prime Minister SVANidhi’s scheme supporting street vendors has transformed the lives of countless street vendors by ensuring access to collateral-free credit, financial inclusion and new growth opportunities. At the end of the six years of the plan, he also said that PM SVANidhi is all about trust, dignity and empowerment.
Portal launched for the loan system for street vendors
“Today we celebrate #6YearsofPMSVANidhi, a scheme that has transformed the lives of countless street vendors by ensuring access to collateral-free credit, financial inclusion and new growth opportunities. This scheme is about trust, dignity and empowerment. Best wishes to all the beneficiaries whose determination and initiative continue to strengthen our nation’s economy,” Modi said in a post on X.
Prime Minister’s AtmaNirbhar Nidhi (PM SVANidhi) Street Vendors is a central sector scheme that supports street vendors through affordable working capital, financial inclusion and social protection measures.
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 microcredit scheme dedicated to street vendors, who made up 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).
Over 1.12 crore collateral-free loans worth over Rs 17.8 billion 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 of street vendors.
The scheme has benefited over 75.5 lakh street vendors in urban India, helping them access formal credit, adopt digital payments and avail social security benefits.
Published – June 1, 2026 03:09 pm IST