As part of efforts to strengthen urban livelihood, Prime Minister Narendra Modi on Friday launched the PM SVANidhi Credit Card in Kerala, marking the next phase of financial inclusion for street vendors.
The UPI-linked, interest-free revolving credit facility is aimed at providing instant liquidity, encouraging digital transactions, and helping beneficiaries build formal credit histories. The Prime Minister also disbursed PM SVANidhi loans to one lakh beneficiaries, including street vendors from the state.
What Is PM SVANidhi Credit Card?
Launched in June 2020, the PM SVANidhi scheme was designed to help street vendors overcome financial hardships and revive their businesses during the pandemic.
Since its inception, the scheme has evolved beyond financial assistance, providing vendors with a sense of identity and formal recognition for their contribution to the economy.
On August 27, 2025, the Union Cabinet chaired by PM Modi approved the restructuring of the Prime Minister Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi) scheme and the extension of its lending period beyond December 31, 2024.
The lending period has now been extended till March 31, 2030. With a total outlay of Rs 7,332 crore, the restructured scheme is aimed at benefiting 1.15 crore beneficiaries, including 50 lakh new ones.
Key features of the restructured scheme include higher loan amounts in the first and second tranches, the introduction of a UPI-linked RuPay credit card for beneficiaries who repay the second loan on time, and digital cashback incentives for retail and wholesale transactions.
The scheme’s coverage is also being expanded in a phased manner beyond statutory towns to include census towns and peri-urban areas. Under the revised loan structure, the first tranche has been increased to Rs 15,000 from Rs 10,000, the second tranche to Rs 25,000 from Rs 20,000, while the third tranche remains at Rs 50,000.
