Revival, Reform and Restructuring Package for Handloom Sector Scheme from Ministry of Textile - GOI NABARD Package

e Waiver of overdue Loans of Handloom Weavers and Handloom

Cooperative Societies as on 31st March 2010 The Office of the Development Commissioner (Handlooms), Ministry of Textiles, GOI has launched a new centrally sponsored scheme in association with NABARD with special initiatives for Handloom Sector. The Scheme is known as Revival, Reform and Restructuring Package for Handloom Sector will be implemented, starting with the current financial year. The scheme envisages waiver of overdue loans of Handloom Weavers and Handloom Cooperative Societies as on 31st March 2010. The GOI has announced a onetime waiver of overdue amount (principal & interest) as on 31.03.2010, subject to the concurrence of the State Government. The new scheme which will be implemented through NABARD, is likely to benefit 15000 Cooperative Societies and 3 lakh Weavers across the country. For this purpose the Handloom Weavers (Individuals) to approach the Bank Branch concerned where they have availed the loan. The Handloom Weaver Cooperative Societies should contact Regional Offices of NABARD for a special Audit prior to loan waiver. The eligible individual Handloom Weavers and Handloom Weaver Cooperative Societies whose loans are waived, will be eligible for fresh concessional loan. Funds will be provided for repayment of 100% of principal and 25% interest as on date of loan becoming NPA which is overdue as on 31.3.2010 in respect of viable and potentially viable Primary Weavers Cooperative Societies and Apex Societies. Also covered are individual Handloom Weavers, Master Weavers, Self Help Groups (SHGs) and Joint liability groups (JLGs) who have taken such loans for handloom

weaving purposes, provided the Banks agree for sanctioning fresh loans. There would be an overall ceiling of Rs.50,000 per individual beneficiary as far as funding under this scheme is concerned in respect of waiver of overdues of individual Handloom Weavers. The Government of India has further approved an interest subvention of 3% for 3 years to be extended from the date of disbursal of the fresh loan extended by Banks to the eligible Handloom Co-Operative Societies and individual Handloom Weavers covered under the scheme. The eligible Handloom Weavers / Primary Weavers Cooperative Societies and Apex Societies are hereby advised to contact the Branch Manager concerned /Regional Office of NABARD

respectively for further details in this matter. For detailed information, please visit Ministry of Textiles

website-http://handlooms.nic.in/hl_guidelines_rrr_package.pdf

DEPUTY GENERAL MANAGER (SME) IB-CORPORATE OFFICE, CHENNAI -------------------------------

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http://handlooms.nic.in/hl_guidelines_rrr_package.pdf website -

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