New Delhi, May 30 (IANS): 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, with beneficiaries also receiving nearly Rs 800 crore through digital cashback incentives and interest subsidies, according to an official statement on Saturday. Building on these achievements, the scheme has been extended until March 2030. Launched in June 2020 as a first-of-its-kind micro-credit initiative focused on street vendors with government-backed credit guarantee support, PM SVANidhi has evolved into a nationwide movement advancing financial empowerment, digital inclusion and social security for millions working in India’s informal economy. Nearly 95 per cent of beneficiaries accessed formal institutional credit for the first time under the scheme, while beneficiary incomes recorded an average annual increase of nearly 20 per cent, contributing significantly to improving living standards. The scheme has also strengthened social inclusion among vulnerable urban communities, with nearly 46 per cent of beneficiaries being women and around 70 per cent belonging to marginalised communities.
Beyond providing collateral-free loans, the scheme has encouraged digital adoption, improved access to institutional credit and expanded social security coverage, supporting greater housing stability and improved access to nutritious food, healthcare and education. 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, while 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 also provided to street vendors for retail and wholesale digital transactions to encourage digital adoption and financial literacy.