Thiruvananthapuram: Prime Minister Narendra Modi on Friday launched the UPI-linked PM SVANidhi Credit Card in Kerala to empower street vendors through accessible and interest-free digital credit. The initiative, launched during his visit to the state, marks a step forward in the government’s ongoing efforts to strengthen financial inclusion and support informal sector workers.
Speaking at the event, the Prime Minister said the PM SVANidhi Credit Card will provide street vendors with a reliable and transparent line of credit that can be easily managed through the Unified Payments Interface (UPI). The revolving, interest-free facility is designed to help small vendors expand their businesses without relying on informal lenders who often charge high interest rates.
Under the new arrangement, street vendors can use the digital credit card to access loans and conduct transactions through mobile-based payment systems. This digital integration aims to encourage cashless payments, record building, and better access to formal banking services. Modi said the move will not only promote entrepreneurship among low-income workers but also enable them to become part of India’s expanding digital economy.
The Prime Minister noted that the launch of the credit card builds on the success of the existing PM SVANidhi scheme, which has benefited thousands of vendors across the country. The original scheme, introduced in 2020, provides working capital loans of up to fifty thousand rupees in phases to street and small vendors. It also includes incentives for digital transactions and timely repayments.
PM launches flagship SVANidhi credit card scheme for street vendors
