Srinagar, Jan 23 ;
In a major boost to financial inclusion and livelihood support for street vendors, the Prime Minister of India on Friday launched a dedicated credit card facility and disbursed loans to one lakh beneficiaries across the country under the PM SVANidhi Scheme, during a national-level programme that was webcast live. In Srinagar, beneficiaries participated in the event at the Srinagar Municipal Corporation, where the proceedings were viewed collectively.
The initiative aims to provide easy access to institutional credit for street vendors, enabling them to strengthen and expand their businesses, meet working capital requirements, and achieve economic self-reliance. The newly introduced credit card facility will ensure seamless, flexible, and timely credit, further integrating beneficiaries into the formal financial system.
The event at SMC was attended by Shri Akshay Labroo, IAS, Deputy Commissioner, Srinagar and Shri Faz Lul Haseeb, IAS, Commissioner, Srinagar Municipal Corporation, along with Joint Commissioners SMC, senior officers, and staff of the Corporation.
On the occasion, the Deputy Commissioner, Srinagar, and the Commissioner SMC, distributed sanction letters and credit cards to eligible beneficiaries, marking an important step towards ensuring timely access to institutional credit and strengthening the financial empowerment of street vendors.
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The officers interacted with the beneficiaries and reviewed the on-ground implementation of the scheme, reaffirming the administration’s commitment to the effective delivery of welfare initiatives.
Addressing the occasion through the live webcast, the Hon’ble Prime Minister reiterated the vision of empowering the urban poor and small traders by providing them with financial security, dignity, and sustainable livelihood opportunities. He emphasized that the PM SVANidhi Scheme plays a vital role in strengthening the urban informal economy and contributing to overall national development.
The launch of the credit card facility and large-scale loan disbursement once again underscores the Government’s resolve to ensure last-mile delivery of welfare benefits, promote self-employment, and build a resilient and inclusive economy.