Chief Minister H.D. Kumaraswamy on Thursday launched mobile banks to disburse interest-free loans to street vendors and small traders.
Called ‘Badavara Bandhu’ (friend of the poor), the scheme announced in the budget this year seeks to free the poor business community from the clutches of moneylenders.
Launching the scheme at the AMPC Market in Yeshwantpur, the Chief Minister handed over cheque to a few beneficiaries. Under the scheme, small traders will get loans of up to ₹10,000 without any interest and collateral. The beneficiaries will have the flexibility of repaying the loan on daily instalments of ₹100 or one-time repayment within three months. If they repay within the stipulated time, they are eligible for a fresh loan of up to ₹15,000.
Nearly 53,000 beneficiaries will be covered in the first phase. Of the 4.5 lakh street vendors in the State, 80,000 are in Bengaluru. These vendors are being issued identity cards by local bodies. So far, 1.8 lakh vendors, including 24,650 from Bengaluru, have got the cards, the Chief Minister said.
He said the scheme will not cover vendors who trade in items that are harmful to the environment and those who do not maintain roadside cleanliness.
‘Media misinterpreting my statements’
Accusing the media of “misinterpreting” his statements, Chief Minister H.D. Kumaraswamy on Thursday sarcastically said that he may now have to constitute a committee that will guide him on what to speak while addressing them.
Arguing that the media has developed a habit of looking for a controversy in everything he spoke, the Chief Minister said: “Let the media only suggest how and what I should speak.”