Suryoday Small Finance Bank (SSFB) on Thursday kicked-off disbursement of loans under the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme

The bank, in a statement, said it has disbursed a loan of ₹10,000 as mandated in the scheme to a vegetable vendor, with the complete process of sanctioning the loan and withdrawal being digital.

R Baskar Babu , MD & CEO, SSFB, said small working capital loans under the PM SVANidhi scheme, which is aimed at creating an AtmaNirbhar ecosystem, will help street vendors to bounce back after the crisis caused by the pandemic.

Currently, SSFB has a deposit base of about ₹3,000 crore in deposit book and a gross loan portfolio of around ₹3,700 crore.