The Greater Visakhapatnam Municipal Corporation (GVMC) has stepped up efforts to improve access to institutional credit for street vendors under the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme.

As of September 28, loans totalling ₹12.95 crore have been disbursed to 6,517 street vendors across GVMC limits. The scheme provides collateral-free working-capital loans in progressive tranches of up to ₹15,000, ₹25,000 and ₹50,000.

GVMC Project Director (UCD) B.V. Ramana said around 4,000 additional vendors are still awaiting bank loans. The Urban Community Development and MEPMA departments are working with banks to facilitate sanctions in phases.

The civic body is also expanding financial inclusion measures for vendors. Credit cards have been issued to 25 street vendors, while steps are being taken to connect eligible beneficiaries with social-security and insurance schemes, including the Pradhan Mantri Jeevan Jyoti Bima Yojana.

 

At the national level, the restructured PM SVANidhi scheme has been extended until March 2030, with a broader focus on formal credit, digital payments, social security and entrepreneurship.