Revival Package for Weavers, Societies

HYDERABAD: The central government has launched a scheme of Revival, Reform and Restructure Package for Handloom Sector in association with the National Bank for Agriculture and Rural Developme

Published: 10th January 2012 03:08 AM  |   Last Updated: 16th May 2012 06:12 PM   |  A+A-

HYDERABAD: The central government has launched a scheme of Revival, Reform and Restructure Package for Handloom Sector in association with the National Bank for Agriculture and Rural Development (NABARD).

According to a press note on Monday, the scheme will be implemented in the current financial year with an investment of `3,884 crore. The new scheme is likely to benefit 15,000 cooperative societies and 3 lakh weavers across the country.

Funds will be provided for repayment of 100 percent of principal and 25 percent of interest dues as on date of loan becoming nonperforming assets (NPA) which is overdue as on March 31, 2010 in respect of viable Primary Weavers Cooperative Societies, Apex Societies, Self Help Groups and Joint Groups who have take such loans for handloom weaving.

There will be an overall ceiling of `50,000 per individual beneficiary for funding under this scheme.

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