Indian Bank to pay subsidy, cash back to street vendors under PM SVANidhi

Bank signs MoU with Ministry of Housing & Urban & Sidbi, completes digitisation for a few other schemes

Indian Bank on Thursday signed a Memorandum of Understanding (MoU) with the Ministry of Housing and Urban Affairs (MoHUA), and Small Industries Development Bank of India (Sidbi) for payment of subsidy and cash incentives to street vendors under PM SVANidhi Scheme. 

Padmaja Chunduru, MD & CEO, Indian Bank said street vendors are a very important constituent in the urban economy and offer varied services to the public. They are engaged in productive activities for their livelihood. 

"It is a privilege for the bank to associate with PM SVANidhi, which is a flagship scheme of the Government of India, in line with the agenda of Atmanirbhar Bharat. 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 said. 

Meanwhile, the lender has completed a digitisation programme for Deendayal Antyodaya Yojana-National Urban Livelihoods Mission (DAY-NULM), the Self-Employment Programme (SEP), Revolving Fund for SHGs, and Employment through skill development training and placement (EST&P).