Loans with 7% interest subvention shall ensure business continuity
SRINAGAR- Following the notification of new Credit Card Scheme for Artisans and Weavers by the Government, the Department of Handicrafts and Handloom, Kashmir, has allocated district-wise quota for sponsoring cases of prospective beneficiaries to the financial institutions in each district of Kashmir Division during the current financial year.
The district-wise allocation is based on existing craft-concentration centres in each district and the availability of practicing artisans and weavers. All artisans and weavers who are duly registered with the Handicrafts and Handloom Department and are involved in production and manufacturing processes shall be eligible for credit facility under the scheme.
The loans shall provide much-needed financial support and credit facility to artisans and weavers to ensure business continuity in the times of Covid-19 pandemic.
As per the orders issued by the Handicrafts & Handloom Department, Kashmir, a target of 500 artisans and 150 weavers has been fixed for Srinagar, 300 and 50 for Ganderbal and 600 and 150 for Budgam district in Central Kashmir. Similarly, in north Kashmir, a target of 300 artisans and 100 weavers has been fixed for Bandipora, 250 and 125 for Baramulla and 100 and 25 for Kupwara district. In south Kashmir, 400 artisans and 50 weaver beneficiaries in Anantnag shall be sponsored to financial institutions, 200 and 30 in Pulwama, 50 and 10 in Shopian and 100 and 10 in Kulgam district respectively.
As reported earlier, the loan slab under the scheme has been enhanced from Rs.1.00 lakh to Rs.2.00 lakh with interest subvention of 7% for a period of five years. The scheme shall provide adequate and timely assistance to the artisan community from the financial institutions to meet their credit requirement of investment needs in a cost-effective manner.
For screening and selection of beneficiaries, a District-level Committee headed by General Manager DIC has been constituted vide Government Order No.155-IND of 2020, dated 01.10.2020. Lead Bank Manager, Deputy Director, Employment Counselling Centre, District Officer KVIB and Assistant Labour Commissioner, Labour Department shall be the members of the Committee. Assistant Director, Handicrafts/ Handloom, in each district shall serve as Member/ Secretary of the Selection Committee in terms of the guidelines of the scheme.
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