Chennai, NFAPost: Indian Bank has signed a Memorandum of Understanding with the Ministry of Housing and Urban Affairs (MoHUA), Govt of India and Small Industries Development Bank of India (SIDBI) for payment of subsidy and cash incentives to street vendors under PM SVANidhi Scheme.
The MoU was signed at New Delhi by Sanjay Kumar, Joint Secretary (NULM), MoHUA, Vikas Kumar, Field General Manager, New Delhi, Indian Bank and Subodh Kumar, General Manager, SIDBI in the presence of Durga Shanker Mishra, Secretary (MoHUA) and Debashish Panda, Secretary Financial Services, MoF.
Speaking on the occasion, Indian Bank MD and CEO Padmaja Chunduru said that street vendors represent a very important constituent in the urban economy and they offer varied services to the general public.
“They are involved in productive activities to get their livelihood and to support their families. It is privilege for the Bank to associate with the PM SVANidhi Scheme, which is a flagship scheme of Government of India in line with the agenda of Atmanirbhar Bharat,” she said.
The bank has developed an integrated online system to make payments of interest subvention and cash incentives to all street vendor beneficiaries across the country directly to their bank accounts through Direct Benefit Transfer (DBT). She also said that the bank has successfully completed digitisation programme for Deendayal Atyoday Yojana (NULM), specially Self-Employment Programme (SEP), Revolving Fund for SHGs, Employment through skill development training and placement (EST&P).
M K Bhattacharya, K Ramachandran, Executive Directors, Imran Amin Siddiqui, General Manager and other Executives of Indian bank participated through virtual mode from Chennai.