Agartala, May 31: PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi), the flagship micro-credit scheme of the Ministry of Housing & Urban Affairs (MoHUA), has completed six years of empowering street vendors through affordable collateral-free credit, digital inclusion and social security.
To commemorate the occasion, Union Minister of Housing & Urban Affairs, Manohar Lal, accompanied by Chief Minister of Tripura, Dr. Manik Saha, engaged with PM SVANidhi beneficiaries from Arunachal Pradesh, Assam, Manipur, Mizoram, and Tripura. During the event, they distributed credit cards and loan sanction letters to street vendors from Muktadhara auditorium, Agartala on Sunday.
Referring to the North-Eastern region, Manohar Lal said that more than 2.59 lakh loans have been distributed in the region, through which financial assistance amounting to over Rs. 430 crore has been extended to street vendors.
Speaking specifically about Tripura, the Union Minister stated that more than 9,300 loans have been sanctioned in the state so far and nearly Rs. 15 crore has been disbursed to beneficiaries under the scheme.
Since its launch in June 2020, PM SVANidhi has emerged as a transformative initiative for street vendors which has facilitated access to formal credit and enabling beneficiaries to strengthen and expand their livelihoods.
The scheme has also facilitated more than 1.05 crore loan sanctions amounting to over Rs. 17,800 crore, benefiting street vendors across the country.
The Union Minister said that Prime Minister Narendra Modi, recognising the hard work, struggles and contribution of street vendors, launched the PM SVANidhi Scheme in 2020 with the vision of empowering the urban poor and strengthening their livelihoods.
He said that the objective of the scheme was not merely to provide collateral-free loans, but also to ensure dignity, confidence and opportunities for street vendors to move forward in life with financial security and social recognition.
Highlighting the achievements of the scheme, Manohar Lal stated that over the last six years, more than 75.5 lakh street vendors across the country have benefited under PM SVANidhi.
The Union Minister further informed that more than 1.12 crore collateral-free loans have been sanctioned under the scheme across the country, while over Rs. 17,800 crore has been disbursed to beneficiaries so far.
Manohar Lal also noted that lakhs of people have connected with the banking system for the first time through PM SVANidhi and have become part of the formal economy, thereby paving the way for financial inclusion and self-reliance.