Gorakhpur has shown significant progress under the Prime Minister’s SVANidhi Yojana, aimed at empowering street vendors and making them self-reliant. Under the scheme, a total of 43,172 beneficiaries in the district have received loans so far. With each beneficiary getting an initial loan of Rs 10,000, the first instalment alone amounted to Rs 43.17 crore. Including the second and third instalments, the total disbursement in the district has reached Rs 86.38 crore.

On Friday, Prime Minister Narendra Modi launched a credit card scheme for street vendors. Gorakhpur is closely connected to the key features of this initiative, such as digital transactions and integration with the formal banking system. As per officials, 3,437 beneficiaries in the district have become eligible for the credit card due to timely loan repayments and consistent digital transactions. Efforts are underway to connect these beneficiaries with the banking system and provide them with the credit card facility.

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The credit card will enable small vendors to access quick financial assistance without any collateral, helping them meet business needs during emergencies. The PM SVANidhi Yojana has been instrumental in reviving businesses that were affected during the lockdown. Apart from easy loans, beneficiaries who repay on time have also received higher loan amounts in subsequent instalments along with an interest subsidy.

City Mission Manager Abhishek Srivastava said the Municipal Corporation and district administration are continuously running campaigns to enrol more eligible vendors in the scheme and help them avail the credit card facility. He added that an increase in credit card holders will strengthen small traders financially and integrate them further into the mainstream banking system.

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Under the PM SVANidhi credit card scheme, only those already associated with the SVANidhi Yojana will be eligible. Beneficiaries who have repaid their second loan on time and are eligible for the third, or those who have already taken the third loan, can apply. The RuPay-based credit card will initially have a limit of Rs 10,000, which may be increased to Rs 30,000. No interest will be charged if the amount is repaid within 20 to 50 days, and it will allow vendors to convert purchases into EMIs and make cashless payments.