The PM Svanidhi scheme, which provides collateral-free loans to street vendors, has expanded access to formal credit in India. A study by SBI reveals that the scheme has led to an increase in the number of people included in formal credit and has empowered borrowers financially. Many borrowers are first-time borrowers, and a significant number of street vendors are actively using their Jan Dhan accounts and debit cards. The study also indicates that the formalisation of credit has resulted in improved borrower behavior and increased spending among borrowers.