Narendra Modi: Indian Prime Minister Narendra Modi has launched the PM SVANidhi Credit Card, a transformative step for the financial inclusion of street vendors. Modi also flagged off three Amrit Bharat trains and one passenger train.
SVANidhi Credit Card Launch
PM Modi introduced the UPI-linked RuPay SVANidhi Credit Card under the revamped PM SVANidhi scheme. It would empower millions of urban vendors with digital tools and interest-free credit, promising enhanced livelihoods and economic stability for this vital segment of India’s informal economy.
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The card would help street vendors who repaid their second loan tranche on time, offering interest-free and revolving credit up to Rs. 50,000 across tranches – Rs. 15,000 first, Rs. 25,000 second and Rs. 50,000 third. Vendors would gain cashback incentives – up to Rs 1,200 yearly (Rs 100 monthly) for digital transactions, promoting Unified Payments Interface (UPI) adoption and reducing cash dependency. This fosters financial literacy and builds credit history for future loans.
Beyond credit, the card links vendors to skill training, FSSAI hygiene programs and entrepreneurship development. It creates identity cards, profiling 46 lakh beneficiaries for 1.38 crore welfare sanctions, ensuring saturation coverage. This inclusion drives socio-economic upliftment, transitioning informal hawkers to micro-entrepreneurs. Women and marginalized vendors benefit most, with 67 percent repayment rates proving sustainability.
PM Modi also disbursed loans to one lakh beneficiaries from Kerala, emphasizing formal recognition for street vendors and hawkers who were previously excluded from India’s banking systems.
The scheme, extended to 2030 with Rs. 7,332 crore outlay, aims to reach 1.15 crore vendors, including 50 lakh new ones. It integrates credit with welfare linkages like Jan Dhan, insurance and Ujjwala via ‘SVANidhi se Samriddhi’ melas.
Amrit Bharat Train Flag-Off
PM Modi flagged three Amrit Bharat trains: Thiruvananthapuram Central to Tambaram, Nagercoil Junction to Mangaluru Junction and Thiruvananthapuram North to Charlapall. These passenger-friendly and modern trains align with PM Modi’s Viksit Bharat 2047 vision, enhancing travel for vendors and daily commuters.
