PM Swanidhi completes 6 years: PM Modi congratulated the beneficiaries, said- ‘This scheme is a symbol of trust, respect and empowerment’

New Delhi. Prime Minister Narendra Modi on Monday said that the Pradhan Mantri Street Vendor Self-reliant Fund (PM Swanidhi) scheme, launched to help street vendors, has changed the lives of countless street vendors by providing loan facility without guarantee, financial inclusion and new opportunities for development. On completion of six years of this scheme, Modi also said that PM Swanidhi is a scheme related to trust, dignity and empowerment.

PM Modi said in a post on ‘X’, “Today, PM Swanidhi completes six years. It is a scheme that has transformed the lives of countless street vendors by providing unsecured credit facilities, financial inclusion and new opportunities for development. This scheme is about trust, dignity and empowerment. My best wishes to all the beneficiaries, whose determination and entrepreneurship are continuously strengthening the economy of our country.

PM Swanidhi is a Central Government scheme that provides assistance to street vendors through affordable working capital, financial inclusion and social security measures. PM Swanidhi was launched during the coronavirus pandemic to provide affordable working capital loans to street vendors whose businesses were severely affected. This is the first dedicated micro-credit scheme for street vendors.

The aim is to help them grow their businesses and promote financial inclusion. Street vendors form a significant part of the unorganized workforce and often have limited access to formal credit facilities. This scheme was launched in June 2020. It has been implemented under the joint responsibility of the Ministry of Housing and Urban Affairs and the Department of Financial Services.

More than 1.12 crore unsecured loans worth more than Rs 17,800 crore have been disbursed under the PM Swanidhi scheme. This scheme has emerged as a major initiative for financial inclusion and economic empowerment of street vendors. More than 75.5 lakh street vendors in urban India have benefited from this scheme. This has helped them access formal credit facilities, adopt digital payments and avail social security benefits.