Bandeppa Kashempur, Minister for Cooperation, said the scheme of providing interest-free loans to street vendors and hawkers will be launched by the end of September. He was speaking at a programme here on Friday to mark the silver jubilee of Malenadu Credit Cooperative Society.
He said owing to lack of access to institutional credit, vendors and hawkers were borrowing money from private money lenders for exorbitant rates of interest. In some cases, interest of up to 10% was being charged per day. To liberate the street vendors and hawkers from the clutches of private money lenders, interest-free one-day loans upto ₹10,000 would be provided for them by the State government. As many as 50,000 street vendors and hawkers in urban areas of the State would benefit from the scheme. At present, the Department of Cooperation is working out the modalities for the scheme and is setting up the necessary infrastructure for its implementation, he added.
Addressing the gathering, D.C. Thammanna, Minister for Transport, stressed upon the need to ensure stern punishment for those involved in financial irregularities in cooperative societies.
H.D. Deve Gowda, national president of JD(S), honoured the directors and staff members of Malenadu Credit Cooperative Society. He said cooperative institutes were rendering commendable service in ensuring easy access to credit for the farmers and the working class.
‘Belli Battalu’, a souvenir published by the society to mark the silver jubilee was released by the dignitaries. Nirmalanandanatha Swami, of Adichunchanagiri mutt; Prasannanatha Swami, of the mutt’s Shivamogga branch; Bhoje Gowda, MLC; and Kimmane Rathnakar, former Minister were present.
