Live streaming of PM SVANidhi Credit Card launch held at Reasi; DC distributes loans among beneficiaries

REASI: A live streaming of the launch of the PM SVANidhi Credit Card scheme by the Prime Minister, Narendra Modi was screened today in the Video Conferencing Room of the Deputy Commissioner’s Office Complex, Reasi. The event marked a significant step towards strengthening financial inclusion and empowering street vendors.

On the occasion, Deputy Commissioner Reasi, Nidhi Malik distributed PM SVANidhi loans among twelve beneficiaries of the district. The beneficiaries expressed gratitude for timely financial assistance, noting that it would help strengthen their livelihoods and expand their small businesses.

Addressing the gathering, the Deputy Commissioner highlighted that the PM SVANidhi Scheme is a flagship initiative of the Government of India, aimed at providing affordable, collateral-free credit to street vendors to enable self-reliance and financial stability. She emphasized that the newly launched PM SVANidhi Credit Card would further simplify access to credit and promote digital transactions. Beneficiaries were urged to make productive use of the loans and adopt digital payment systems to enhance business growth.

The SVANidhi Credit Card is a UPI-linked RuPay credit card under the restructured scheme, designed as an interest-free, revolving credit facility to help vendors manage daily liquidity needs while encouraging digital payments. The card allows beneficiaries to reuse the credit limit upon repayment, provides an interest-free period of 20 to 50 days and offers credit limits ranging from ₹10,000 to ₹30,000, increasing with responsible usage. Also present on the occasion were Chief Planning Officer Narinder Kumar, Executive Officer, Municipal Committee Reasi and officers and officials from various banks.