H D Kumaraswamy launches loan scheme for street vendors

Bengaluru: The coalition government’s ambitious programme Badavara Bandhu (caretaker of the poor) was rolled out by Chief Minister H.D. Kumaraswamy here on Thursday.

After launching the programme at a function held near APMC Yard Yashwanthpur, Mr Kumaraswamy handed over seed money to a few street vendors.

To prevent the street vendors and push-cart sellers from being exploited by private money lenders, the government had announced the scheme in the budget. Under the scheme, Rs 10,000 will given to flower and fruit vendors and other micro businessmen to run or expand their business activities. They will be provided three months time to repay. Once the loan is repaid, the beneficiary is eligible for a fresh loan. There are over 4.5 lakh street vendors in the state and over 80,000 operate within BBMP limits. 

“Now, we have decided to help 5,000 such traders in Bengaluru and around 3,000 in other city corporation limits and in district head quarters. Over 1,000 street vendors will get the loan amount between `2,000 and `10,000. If the beneficiary repays it within stipulated time, they are eligible for fresh loans,” Mr Kumaraswamy said.

He, however, cautioned that any business activity which pollutes the city would not be supported under this scheme. A nodal bank would be announced to operate in every city and district headquarters and a committee led by DCC bank president would decide locating the mobile banking units.

Deputy Chief Minister Dr G. Parameshwar and  city Mayor Gangambika Mallikarjuna were also present on the occasion. 

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