Us, Aug. 28 -- In the hustling-bustling culture of India's cities, a digital transformation is unfolding quietly through the streets of urban India. Street vendors are an integral part, as important as metro or flyovers, in the urban ecosystem. The PM Street Vendor's Atma Nirbhar Nidhi (PM SVANidhi) scheme, launched by the Ministry of Housing and Urban Affairs in June 2020, aims at the economic and financial empowerment of street vendors.

The scheme, providing collateral-free working capital loans of rs 10,000 to street vendors, has not only become a financial lifeline during the COVID-19 pandemic but has been significantly instrumental in bringing them into the formal financial system. In addition to financial inclusion, the scheme driv...