SIDBI and the Indian Bank establish an MoU for small vendors

Under the Centre’s SVANidhi Scheme, Indian Bank has signed an MoU with the Ministry of Housing and Urban Affairs to provide subsidy to the small scale vendors. Along with the Ministry, the SIDBI (Small Industries Development Bank of India) body is also a part of it.

Indian bank and SIDBI to be a part of SVANidhi scheme

Indian bank

The SVANidhi scheme is a flagship scheme under the Atmanirbhar initiative by the PM. Thus, the authorities of the Indian Bank feel privileged to be associated with the scheme. Padmaja Chanduru, who is the MD (Managing Director) and CEO of the bank, expresses gratitude towards the decision.

The prime objective of the SVANidhi scheme is to provide various loans to the vendors and hawkers under the PM’s Atmanirbhar Bharat line of the project. If the scheme works well, then we could see a significant change in the overall. The CEO has also claimed that the Indian Bank has developed an online system for the beneficiaries. This means that the hawkers and vendors across the country can receive payments of interest subvention and cash incentives under the Direct Benefit Transfer.

Stating about the further works Padmaja Chanduru, (MD) also informs that the bank has completed its digitization program for another government scheme. The Deendayal Atyoday Yojna has seen a complete shift to progress through the bank’s digitization. The Yojna revolves around self-help groups (SHGs) and employment through skill training and development.

A bank statement said that there the MoU was signed in the capital of the country (Delhi) for this scheme. To sign the MoU, Mr Sanajay Kumar, Joint Secretary of Ministry of Housing and Urban Affairs, and the field general manager of Indian Bank (branch Delhi), Mr Kumar was present. The entire meeting took place on Thursday, in accordance with the SVANidhi scheme.

Read: Indian Bank starts its first Customer Acquisition & Processing Centre in Chennai.



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