Shivamogga, Sept 15: The Karnataka government will launch a new scheme to provide interest-free loans to street vendors and hawkers by the end of September, according to Bandeppa Kashempur, Minister for Cooperation.

Speaking at a programme here 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, he said.
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.



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