Chennai:
National Bank for Agriculture and Rural Development (Nabard) today said it would launch a new scheme with an outlay of Rs 3,884 crore for the benefit of the domestic handloom sector.
The scheme, 'Revival, Reform and Restructuring Package', mooted by Finance Minister Pranab Mukherjee, would directly benefit 15,000 cooperative societies and three lakh weavers across the country, Nabard said in a statement.
"From the total Rs 3,884 crore, the share of the government will be Rs 3,137 crore and the state governments will be Rs 747 crore," it added.
The scheme would provide repayment of 100 per cent of the principal and 25 per cent interest for loans becoming non-performing assets.
There would be an overall ceiling of Rs 50,000 per individual beneficiary as far as funding under this scheme is concerned, it said.
Besides, the government has approved an interest subvention of three per cent for three years to be extended from the date of disbursal of the fresh loan to the cooperative societies and individual handloom weavers covered under the scheme.