PNB eyes 5 lakh digital loans in 5 years under PM e-SVANidhi scheme

Punjab National Bank (PNB) has disbursed 73,000 digital and 8 lakh offline loans under the PM e-SVANidhi scheme. The bank has set a target of disbursing 5 lakh digital loans over the next five years, reaffirming its commitment to digital banking.

Punjab National Bank (PNB) has disbursed 73,000 loans through digital mode and 8 lakh loans through offline mode under the PM e-SVANidhi scheme and has set a target of disbursing 5 lakh digital loans over the next five years, as per the data shared by Punjab National Bank.

Commitment to Digital Financial Inclusion

On the occasion of Digital India Day, the public sector lender reiterated its commitment to expanding access to formal credit through digital banking solutions aimed at frontline workers, community service providers and street vendors. In an official statement on Wednesday, PNB said it is promoting financial inclusion through initiatives such as PNB Shram Saathi and the PM e-SVANidhi scheme, both of which are designed to provide accessible and affordable credit through digital channels.

PNB Shram Saathi Scheme

PNB Shram Saathi is a personal loan scheme targeted at community-based and frontline workers employed by Central and State Government departments or government-supported agencies. The scheme covers Anganwadi workers, ASHA workers, sanitation workers, mid-day meal cooks, forest workers and other essential service providers. Under the scheme, eligible beneficiaries can avail collateral-free loans ranging from Rs 10,000 to Rs 1 lakh. The loans come with nil processing charges and a repayment tenure of up to 36 months.

Support for PM e-SVANidhi

The bank said it continues to actively support the PM e-SVANidhi scheme, which provides collateral-free working capital loans to street vendors and encourages digital transactions through UPI-enabled credit facilities. The scheme offers progressive loan tranches ranging from Rs 5,000 to Rs 50,000, allowing beneficiaries to access higher credit limits through timely repayments. The scheme also provides eligible borrowers with nil margin and processing charges.

Vision for a Digitally Empowered Society

Speaking on the occasion, Debasish Gangopadhyay, General Manager, Digital Banking Transformation Division, PNB, said, "Digital India is not just about technology, it is about making financial services more accessible, inclusive and empowering for every citizen. Through initiatives such as PNB Shram Saathi and PM e-Svanidhi, we are enabling greater financial inclusion while supporting the nation's vision of a digitally empowered society."

The bank added that its focus on digital lending and financial inclusion aligns with the broader objective of expanding access to credit and strengthening the digital economy across the country. (ANI)

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