Bhubaneswar: The ambitious Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme is a landmark initiative that strengthens livelihoods and promotes dignity, confidence, and financial inclusion among street vendors, Housing and Urban Development (H&UD) Minister Krushna Chandra Mahapatra said Friday.
Prime Minister Narendra Modi launched the PM SVANidhi credit card – a UPI-linked, interest-free revolving credit facility from Kerala.
On the occasion, Modi also disbursed loan amounts and credit cards to several beneficiaries under the scheme.
In Odisha, Mahapatra led the state-level event in Bhubaneswar, distributing loans and credit cards and felicitating three successful beneficiaries, including two women, who have become self-reliant through the scheme.
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Parallel programmes were conducted across Urban Local Bodies in the state, marking a significant milestone in promoting financial inclusion and self-reliance among urban informal sector workers.
Addressing the gathering, Mahapatra highlighted the transformative impact of PM SVANidhi on the lives of street vendors, emphasising that they form the backbone of the urban informal economy by providing affordable goods and services while generating widespread self-employment.
“PM SVANidhi scheme is a landmark initiative that strengthens livelihoods and promotes dignity, confidence, and financial inclusion among street vendors,” the H&UD Minister said.
The scheme offers collateral-free working capital loans starting at Rs 15,000, with the option to scale up to Rs 25,000 and Rs 50,000 based on timely repayment and positive credit behaviour.
The newly introduced PM SVANidhi credit card will allow beneficiaries to access flexible, revolving credit, enhancing business continuity and financial resilience.
Across Odisha, over 1.10 lakh PM SVANidhi loans have already been disbursed, directly benefiting street vendor families.
In alignment with the Centre’s directives, the scheme is being implemented in convergence with eight social welfare and security schemes across five ministries/departments.
Under the Pradhan Mantri Suraksha Bima Yojana (PMSBY), 12,391 beneficiaries have been provided accidental insurance coverage of Rs 2 lakh, while 6,421 beneficiaries are covered under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) with life insurance of Rs 2 lakh.
Additionally, 1,387 zero balance accounts have been opened under Pradhan Mantri Jan Dhan Yojana (PMJDY), and beneficiaries have been linked to ‘One Nation’ One Ration Card’ (ONORC), Pradhan Mantri Shram Yogi Maandhan Yojana (PMSYMY), BoCWWB, and maternal benefit schemes JSY and PMMVY.
A special drive is also underway to ensure 100 per cent coverage under PMAY for PM SVANidhi beneficiaries.
Mahapatra reiterated Odisha’s commitment to last-mile delivery, digital onboarding, Aadhaar seeding, and beneficiary awareness, ensuring no eligible street vendor or family member is left out of the social security net.
