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Indian Bank inks MoU with Ministry, SIDBI for road distributors

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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 cost of subsidy to road distributors beneath the Centre’s SVANidhi Scheme.

Indian Bank MD and CEO Padmaja Chunduru mentioned it’s a privilege for the financial institution to affiliate with the scheme which is the flagship scheme of the federal government in step with Atmanirbhar Bharat.

The Centre launched the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (SVANidhi Scheme) to offer loans to the distributors and hawkers, amongst 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 mentioned.

She mentioned the financial institution has efficiently accomplished digitisation programme for Deendayal Atyoday Yojana specifically self- employment programme, revolving fund for Self-Help Groups (SHGs) and employment via ability improvement coaching.

The MoU was signed by the Ministry of Housing and Urban Affairs joint secretary (NULM) Sanjay Kumar and Indian Bank’s New Delhi subject common supervisor Vikas Kumar, amongst others, within the capital on Thursday, a financial institution assertion mentioned.




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