An MoU was signed between the Urban Development and Housing Department and Indian Bank in the presence of Urban Development and Housing Minister Bhupendra Singh, on Monday, with the objective of transferring the amount of interest subsidy through DBT to the bank accounts of street vendors under PM Swanidhi Yojana. Principal Secretary Urban Development and Housing Manish Singh, Commissioner Urban Administration and Development Nikunj Kumar Srivastava, Additional Commissioner Gajendra Singh Nagesh, Field General Manager of Indian Bank Manoj Kumar Das and other officers were present.
Minister Singh said that this will reduce paperwork and interest subsidy will reach the beneficiary’s account fast. In the scheme, 7 percent interest subsidy is given by the central government and the remaining interest amount is paid by the state government in the loan of Rs 10,000 given to street vendors. Shri Singh informed that sufficient amount is available under the scheme.
In the first phase of the scheme, the Government of India had given a target of giving loans to 4 lakh 5 thousand street vendors to Madhya Pradesh. Along with fulfilling this target, loans have been distributed to 4 lakh 90 thousand street vendors in the state so far.