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Indian Bank signs MoU with Ministry of Housing & Urban Affairs, Government of India

Indian Bank  signed Memorandum of Understanding with 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 Shri Sanjay Kumar, Joint Secretary (NULM), MoHUA, Shri Vikas Kumar, Field General Manager, New Delhi, Indian Bank and Shri Subodh Kumar, General Manager, SIDBI in the presence of Shri Durga Shanker Mishra, Secretary (MoHUA) and Shri Debashish Panda, Secretary Financial Services, MoF.

Speaking on the occasion, Ms.Padmaja Chunduru, MD & CEO, Indian Bank 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 PM SVANidhi Scheme which is a flagship scheme of Government of India in line with agenda of Atmanirbhar Bharat. 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 Bank has successfully completed digitization programme for Deendayal Atyoday Yojana   (NULM), specially Self-Employment Programme (SEP), Revolving Fund for SHGs, Employment through skill development training and placement (EST&P).

Ms.Padmaja Chunduru, MD & CEO, Shri M K Bhattacharya, Shri K Ramachandran, Executive Directors, Shri Imran Amin Siddiqui, General Manager and other Executives of Indian bank  participated through virtual mode from Chennai.

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