Banks should lend money to poor vendors, save them from kandhuvatti menace: Tamilisai

Referring to a recent study, she said the Narendra Modi-led BJP government had benefited at least 50 lakh roadside vendors, traders and sellers, through various schemes.
Telangana Governor Tamilisai Soundararajan (Photo | Twitter)
Telangana Governor Tamilisai Soundararajan (Photo | Twitter)

THOOTHUKUDI: All banks should focus on lending loans to street vendors to prevent atrocities like kandhu vatti (usury), Telangana Governor Tamilisai Soundararajan. Presiding over the 102nd anniversary of the TMB bank in Thoothukudi on Friday, she greeted the board of directors, shareholders, banking officials, staff and customers of the bank and appreciated their dedicated hard work and the century-old legacy of the bank.

Tamilisai also inaugurated the bank's 545th branch virtually at Belur in Salem district and launched a 'Digital Journey' for MSMEs with the tag 'Do it yourself'. Addressing the gathering, she said the TMB, which was named Nadar Bank until 1962, is a testament to the hard work of this community's people. "Even before independence, a group of Nadars had envisioned banking, intending to lead the educational and economic sectors," she said.

Referring to a recent study, she said the Narendra Modi-led BJP government had benefited at least 50 lakh roadside vendors, traders and sellers, through various schemes. She added that the Jan Dhan Bank accounts have been fundamental for the effective implementation of the government-allotted funds for the beneficiaries. When the Modi government came to power, at least 50 crore people did not have bank accounts, she said.

"Crediting of the monthly honorarium to the bank accounts of women in Tamil Nadu and Puducherry is now possible only because of the Jan Dhan accounts. Banking services are a bridge between the government and the public," she said while recalling that the TMB was honoured as the best national bank for implementing government schemes in 1922, the very next year it began operations.

"Banks should focus on lending daily loans to street vendors, hawkers, and push cart traders, who invest a very small amount to eke out a living. Otherwise, they get entangled in debts at the hand of usurers," Tamilisai added. In response, MD and CEO (in-charge) Krishnan said the bank will discuss it during the next board meeting. The foundation day function was graced by the presence of MD&CEO, Board of Directors, General Managers, Chief Financial Officer, Executives, other staff and their family members, the founder directors' family members, various dignitaries, business partners, and stakeholders.

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