National Current Affairs
PM SVANidhi Credit Card Launch in Kerala
- 30 Jan 2026
- 2 min read
Why in News?
Prime Minister Narendra Modi launched the PM SVANidhi Credit Card for street vendors during an event in Thiruvananthapuram, Kerala.
Key Points
- PM SVANidhi Scheme: Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme is a micro‑credit programme launched in June 2020 to support street vendors with collateral‑free loans and promote digital financial inclusion.
- Objective: The credit card is designed to provide instant access to affordable working capital for street vendors.
- This helps them to meet business expenses, reduce dependence on informal lenders and build a formal credit track record.
- Financial Features: The PM SVANidhi Credit Card is expected to be UPI‑linked and can offer a revolving credit facility.
- They are often interest‑free or at subsidized terms, enabling easy access to working capital up to predetermined limits.
- Target Beneficiaries: The scheme targets street vendors, hawkers, roadside sellers, cart vendors and other informal urban workers, helping integrate them into the formal banking system.
- Digital Inclusion: Besides credit access, the initiative promotes digital payments and financial literacy, strengthening the participation of small vendors in the formal economy.
- Wider Outreach: Around 1 lakh street vendors were reported to have received PM SVANidhi loans or credit cards in Kerala during the launch, and similar implementation is underway nationwide.
| Read More: PM SVANidhi Scheme, UPI, Digital payments, Financial literacy |
