Indian Bank inks MoU with Housing Ministry, SIDBI for street vendors

CHENNAI: Public sector Indian Bank has signed a memorandum of understanding (MoU) with the Ministry of Housing and Urban Affairs and with Small Industries Development Bank of India (SIDBI) for payment of subsidy to street vendors under the Centre's SVANidhi Scheme.

Indian Bank MD and CEO Padmaja Chunduru said it is a privilege for the bank to associate with the scheme which is the flagship scheme of the government in line with Atmanirbhar Bharat.

The Centre introduced the Prime Minister Street Vendor's AtmaNirbhar Nidhi (SVANidhi Scheme) to provide loans to the vendors and hawkers, among others.

"Indian Bank has developed an integrated online system to make payments of interest subvention and cash incentives to all street vendor-beneficiaries across the country through the Direct Benefit Transfer," Chunduru said.

She said the bank has successfully completed digitisation programme for Deendayal Atyoday Yojana specially self- employment programme, revolving fund for Self-Help Groups (SHGs) and employment through skill development training.

The MoU was signed by the Ministry of Housing and Urban Affairs joint secretary (NULM) Sanjay Kumar and Indian Bank's New Delhi field general manager Vikas Kumar, among others, in the capital on Thursday, a bank statement said.