Unlocking Credit Access for Street Vendors: The Role of AAs in PM SVANidhi

Team HDFC Bank, Anumati AA, and Finagg TSP have redefined financial inclusion by revolutionising the PM SVANidhi scheme through the Account Aggregator (AA) framework. Their award-winning innovation slashed loan onboarding times for street vendors from 20–27 days to a mere 17 minutes, showcasing the transformative power of consent-based financial data sharing.

The PM SVANidhi scheme offers incremental loans to street vendors but faces hurdles like extensive documentation and prolonged branch visits. The winning solution in the 3I Use Case Competition at SamvAAd 2024 harnessed the AA ecosystem to seamlessly validate vendors’ banking activity, even for non-HDFC customers, eliminating inefficiencies. A two-part process enabled pre-validation by bank staff and simplified, consent-based loan finalisation by vendors—all in minutes.

This breakthrough highlights the AA framework’s potential to democratise credit access for underserved communities. By bridging systemic gaps, the solution underscores how collaboration among banks, fintechs, and digital infrastructure providers can drive inclusion, efficiency, and empowerment. 

Watch the session recording here.