The country’s first Street Vendors’ Co-operative Bank was opened this morning behind V.V. Market near Agrahara Circle here. The office of the Street Vendors Association was also opened at the premises.

Urban Development Minister S. Suresh Kumar inaugurated the bank. Later, a programme was held at Dasara Expo grounds where membership applications for the bank were issued to about 3,000 street vendors.

Addressing the gathering, Suresh Kumar lauded the formation of the Co-operative Bank exclusively for street vendors which would be a model to the entire State. He added that such a bank established in Bangladesh was a rousing success and a boon to the street vendors.

Speaking on the occasion, District in-charge Minister S.A. Ramdas said that the bank would be of great help to the street vendors to keep them away from seeking loan from money- lenders at exorbitant interest.

He announced that the State Government would provide Rs. 2 crore as capital and another Rs. 3 crore would be raised through other sources.

“On the cards is providing an insurance cover of Rs. 5 lakh for street vendors. The Co-operative Bank will have the Deputy Commissioner as Member-Secretary and Mysore City Corporation (MCC) Commissioner as Director,” said Ramdas.

He added that licences would be issued to every street vendor and there would be no harassment from the Police.

When SOM contacted a few street vendors at the programme, they expressed immense happiness at the formation of the Bank as they now need not run around for loans.

Dy. Commissioner Dr. Ramegowda, MCC Commissioner P.G. Ramesh, MUDA Chairman L. Nagendra, Karnataka Exhibition Authority Chairman S.D. Mahendra, Corporators M.V. Ramprasad & Mahadevamma and others were present.

Courtesy : Star Of Mysore