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Indian Bank Signed MoU with Ministry of Housing and Urban Affairs and SIDBI to Pay Street Vendor’s Subsidy under PM SVANidhi Scheme

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Indian Bank inks MoU with Ministry, SIDBI for street vendorsOn October 15, 2020 Indian Bank signed a Memorandum of Understanding (MoU) with Ministry of Housing and Urban Affairs (MoHUA), Government  of India and Small Industries Development Bank of India (SIDBI) at New Delhi, to pay subsidy to street vendors under the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme.

This scheme is in line with Atmanirbhar Bharat.

Key People

MoU was signed by Sanjay Kumar, Joint Secretary (National Urban Livelihoods Mission- NULM) of MoHUA, Vikas Kumar, Field General Manager, New Delhi, Indian Bank and Subodh Kumar, General Manager of SIDBI.

The MoU was signed in the presence of Durga Shanker Mishra, Secretary, MoHUA and Debashish Panda, Secretary Financial Services, Ministry of Finance(MoF).

Key Info

Indian Bank has developed an integrated online system, through which payments of interest subvention and cash incentives can be made to all street vendor beneficiaries across India, directly to their Bank accounts through Direct Benefit Transfer (DBT).

Additional Info

Indian Bank has completed digitization programme for specially Self-Employment Programme (SEP), Deendayal Antyodaya Yojana (NULM), Employment through Skill development Training and Placement (EST&P) and Revolving Fund for SHGs(Self Help Groups)

About PM SVANidhi Scheme

i.On June 1, 2020 PM SVANidhi Scheme was launched by MoHUA to provide affordable working capital loan to street vendors to resume their livelihoods which have been badly affected due to the COVID-19 lockdown.

ii.SIDBI is the implementing agency for the scheme administration.

Recent Related News:

On July 17, 2020, a mobile Application of Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) was virtually launched by Durga Shanker Mishra, Secretary, Ministry of Housing and Urban Affairs (MoHUA) from New Delhi, in order to bring paper-less Microcredit facility for street vendors at their door steps and also to give impetus to the implementation strategy of the Scheme.

About Indian Bank:
HeadQuarters– Chennai, TamilNadu
Managing Director(MD) and Chief Executive Officer(CEO)–  Padmaja Chunduru 

About Small Industries Development Bank of India (SIDBI):
HeadOffice– Lucknow, Uttar Pradesh
Managing Director– Mohammad Mustafa