Revamped PM SVANidhi Scheme: Empowering Street Vendors with Enhanced Loans

The PM SVANidhi scheme is set to be revamped, offering street vendors enhanced loans from banks and UPI-linked credit cards with a Rs 30,000 limit. Union Finance Minister Nirmala Sitharaman announced this during the budget presentation, highlighting its success in benefiting over 68 lakh vendors.

The PM SVANidhi scheme, aimed at supporting street vendors, is undergoing a significant revamp. Union Finance Minister Nirmala Sitharaman announced that the scheme will now include enhanced loans from banks and UPI-linked credit cards with a Rs 30,000 limit.

In her eighth consecutive budget presentation, Sitharaman noted that the scheme had already benefited more than 68 lakh street vendors by offering an alternative to high-interest loans from informal sources.

This development builds upon the scheme's previous success, reinforcing its capacity to provide accessible financial support to street vendors. The PM SVANidhi, a Special Micro-Credit Facility, continues to empower vendors through affordable loan options.

(With inputs from agencies.)