Mangaluru: In order to counter `meter baddi` (arbitrary interest over loans) business, the government has come up with a new scheme `Badavara Bandhu`, through which as many as 53,000 street vendors will benefit before this year's Diwali celebration.
State Minister for Cooperation Bandeppa Kashempur told mediapersons on Wednesday, October 10 that it would come as a Diwali gift to the street vendors. "As some local finance companies and money lenders indulge in `meter baddi` business, the government has decided to assist people with a new scheme `Badavara Bandhu`, through which a street vendor can avail a loan of Rs 2000 to Rs 10,000. There is no need to submit any documents or to pay interest on such loans. Our intention is to make Karnataka, free from `meter baddi` business", he said and added that the scheme will be launched before Diwali celebration.
Informing about the beneficiaries under 'Badavara Bandhu' Kashempur said, "A total of 3000 street vendors will be identified from Mangaluru under this scheme and a total of 5000 street vendors will be identified in Bengaluru. There is also a plan to identify the beneficiaries from taluk level also. A total of 53,000 street vendors will benefit from this scheme", he said.
Informing about another new programme `Kayaka scheme` Kashempur said, "In order to promote self-help groups and their business, cooperative societies will start lending loans up to Rs 10 Lakh. Of the Rs 10 Lakh, a beneficiary need not pay interest for Rs 5 Lakh. For the remaining Rs 5 Lakh, they need to pay an interest of 4 percent", he said.
Loan waiver: No documents needed except Aadhaar card and ration card
While replying to a query on furnishing documents to the cooperative societies in order to get the benefit of loan waiver minister said, "There is no need to submit any documents, except Aadhar card and ration card of the family members. If any cooperative societies insist farmers to furnish more documents, to get their loan waived off, action will be taken against such entities", he cautioned.
Rs 1 Crore for CM's relief fund
The South Canara District Central Cooperative (SCDCC) Bank has announced Rs 1 Crore for CM's relief fund, in order to assist the flood victims of Kodagu district. SCDCC Bank Chairman handed over a cheque of Rs 1 Crore to Minister Bandeppa Kashempur on the same occasion.
SCDCC Bank Chairman M N Rajendra Kumar and directors were present.
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