Indian Bank, MoHUA to aid street vendors

Indian Bank has signed 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 vital constituent in the urban economy. They are involved in productive activities to get their livelihood and to support their families. It is privilege for the Bank to associate with the PM SVANidhi Scheme. 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).”