Chennai-based public sector lender Indian Bank has signed a memorandum of understanding (MoU) with 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 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 PM SVANidhi scheme which is a flagship scheme of the Centre in line with agenda of Amanirbhar 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 stated.
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