Modi Cabinet Extends PM SVANidhi Scheme Till 2030, Expands Coverage And Loan Benefits For Street Vendors

The Union Cabinet, chaired by Prime Minister Narendra Modi, has given the green light to a major restructuring of the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme, extending its lending period from the earlier deadline of 31 December 2024 to 31 March 2030.

The revamped scheme carries a financial outlay of Rs 7,332 crore and is expected to support 1.15 crore beneficiaries, including 50 lakh first-time applicants.

The scheme will be jointly implemented by the Ministry of Housing and Urban Affairs (MoHUA) and the Department of Financial Services (DFS), with banks and financial institutions facilitating access to loans and credit at the grassroots.

Among the key changes are enhanced loan slabs. The first tranche raised from Rs 10,000 to Rs 15,000 and the second from Rs 20,000 to Rs 25,000, while the third tranche remains capped at Rs 50,000.

Beneficiaries who successfully repay their second loan will also gain access to a UPI-linked RuPay Credit Card, enabling instant credit for both business and personal needs.

To encourage digital adoption, vendors will be able to earn cashback incentives of up to Rs 1,600 on retail and wholesale transactions. Coverage will gradually extend beyond statutory towns to census towns and peri-urban areas, broadening the scheme’s reach.

The restructured programme will also place greater emphasis on capacity building, offering training in entrepreneurship, financial literacy, digital payments, marketing, and food safety in collaboration with the FSSAI.

The ‘SVANidhi se Samriddhi’ component will be reinforced through monthly Lok Kalyan Melas to ensure that families of vendors gain access to other government welfare schemes.

Since its launch in June 2020, PM SVANidhi has disbursed 96 lakh loans worth Rs 13,797 crore, with nearly 47 lakh digitally active beneficiaries conducting 557 crore digital transactions valued at over Rs 6 lakh crore.

Please click here to add Swarajya as your preferred and trusted news source on Google

Also Read: PM SVANidhi Empowers 53 Lakh Street Vendors, Including 43 Per Cent Women Beneficiaries: Report