Daijiworld Media Network- New Delhi

New Delhi, May 30: In a major boost to lakhs of street vendors across the country, the Union government is set to revamp the PM SVANidhi scheme by introducing higher subsidised loans and UPI-linked credit cards with a limit of Rs 30,000, sources confirmed on Thursday.

According to reliable inputs, the revamped version of the Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme has been finalised and is likely to be presented before the Union Cabinet for approval shortly.

As per the revised framework, vendors who have successfully repaid their previous loans—Rs 10,000, Rs 20,000 and Rs 50,000—will now be eligible to receive credit cards issued by banks. These cards will facilitate greater rolling capital and business flexibility, with repayment terms to be determined by individual banks based on vendors' credit history.

In a significant step towards inclusivity, the updated scheme will also extend its benefits to street vendors migrating from rural areas in search of livelihood opportunities in urban regions. Officials further indicated that an additional Rs 10,000 will be offered as part of the enhanced loan package.

The PM SVANidhi scheme, launched in 2020 amid the Covid-19 pandemic, has so far benefitted over 68 lakh street vendors by shielding them from high-interest informal credit traps.

Finance Minister Nirmala Sitharaman, during her Budget speech, had underlined the scheme’s transformation potential. “Building on this success, the scheme will be revamped with enhanced loans from banks, UPI-linked credit cards with Rs 30,000 limit and capacity building support,” she had stated.

The move is expected to usher in a new era of financial empowerment for the street vending community, enhancing their creditworthiness and providing sustainable support for self-reliant livelihoods.