Mysuru: Marking the birthday celebrations of MCDCC Bank (Mysuru-Chamarajanagar District Co-operative Central Bank) President and JD(S) leader G.D. Harish Gowda, the State Government’s ambitious ‘Badavara Bandhu’ Scheme was launched in city at a programme organised at the Bank premises on Ashoka Road here this morning.

This Scheme is aimed at extending interest-free loans up to Rs. 10,000 to street vendors in cities and towns across the State for carrying out business.

Under the Scheme, the Bank plans to advance loans to 3,000 beneficiaries in Mysuru city and 1,000 in Chamarajanagar out of which 1,226 beneficiaries have already been identified.

Today, 112 out of 1,226 beneficiaries were issued loan sanction letters by Harish Gowda,  amounting to Rs. 4,02,500.

The beneficiaries are required to return the loan within three months of advancement, failing which they will be charged 10 percent annual interest.

Bank CEO D.B. Lingannaiah, Vice-President Sadananda, GM Vinod Kumar, Directors Subbanna, Dr. Manjegowda and Chikkalli Kumar, Branch Manager Ravi and others were present.