Prime Minister Narendra Modi launched the PM SVANidhi credit card in Thiruvananthapuram, Kerala

¨     Prime Minister Narendra Modi launched the PM SVANidhi Credit Card in Thiruvananthapuram, Kerala. The PM SVANidhi scheme was launched in June, 2020 to support street vendors affected by the COVID-19 pandemic.

¨     Prime Minister Narendra Modi launched the PM SVANidhi Credit Card in Thiruvananthapuram, Kerala. The PM SVANidhi Credit Card has been launched by the government as part of efforts to deepen financial inclusion among street vendors.

¨     The PM SVANidhi scheme was launched in June, 2020 to support street vendors affected by the COVID-19 pandemic. It was designed to provide collateral-free working capital loans, helping vendors restart and stabilize their businesses.

¨     Since then, the scheme has moved beyond short-term relief and is now playing an important role in bringing street vendors into the formal financial ecosystem.

¨     In August 2025, the government approved the restructuring and expansion of the scheme till 31 March, 2030 with a total outlay of ₹7,332 crore. The revised framework aims to benefit around 1.15 crore street vendors, including 50 lakh new beneficiaries.

¨     The SVANidhi Credit Card is a UPI-linked RuPay credit card introduced under the restructured scheme. It is designed as an interest-free, revolving credit facility to help vendors manage daily liquidity needs and encourage digital payments.

PM SVANidhi scheme

¨     It is a central sector scheme launched by the Ministry of Housing and Urban Affairs on 1 June, 2020, with the objective of providing collateral-free working capital of ₹15,000, ₹25,000, and ₹50,000 to street vendors with 7% interest subsidy after COVID-19.

¨     Microfinance institutions, non-banking financial companies, and self-help groups have been allowed due to their ground-level presence and proximity to street vendors and the urban poor.

¨     The scheme is available only to beneficiaries of those states/union territories which have notified rules and schemes under the Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014.

¨     However, beneficiaries of Meghalaya, which has its own State Street Vendors Act, can participate.