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Union Minister for Housing and Urban Affairs Manohar Lal on May 31 said that more than 2.59 lakh loans amounting to over Rs 430 crore have been disbursed to street vendors across the Northeastern region under the PM SVANidhi scheme.

The minister was speaking at an event in Agartala marking six years of PM SVANidhi, the flagship micro-credit programme of the Ministry of Housing and Urban Affairs aimed at empowering street vendors through affordable collateral-free loans, digital inclusion and social security.

Accompanied by Tripura Chief Minister Manik Saha, Manohar Lal interacted with beneficiaries from Arunachal Pradesh, Assam, Manipur, Mizoram and Tripura. During the programme, credit cards and loan sanction letters were distributed to street vendors from Tripura.

Highlighting the scheme’s achievements, the Union Minister said PM SVANidhi has transformed the lives of millions of street vendors since its launch in June 2020 by providing access to formal credit and helping them strengthen and expand their livelihoods.

He stated that more than 75.5 lakh street vendors have benefited under the scheme nationwide over the past six years. So far, over 1.12 crore collateral-free loans have been sanctioned, while more than Rs 17,800 crore has been disbursed across the country.

Referring to Tripura, the minister said that more than 9,300 loans have been sanctioned in the state, with nearly Rs 15 crore disbursed to beneficiaries under the scheme.

Manohar Lal said Prime Minister Narendra Modi launched PM SVANidhi in 2020 with the vision of empowering urban poor street vendors and strengthening their livelihoods. He noted that the initiative not only provides financial assistance but also promotes dignity, confidence, financial security and social recognition for vendors.

The Union Minister further said that lakhs of beneficiaries have joined the formal banking system for the first time through the scheme, contributing significantly to financial inclusion and self-reliance across the country.