Financial aid for handloom weavers

Financial aid for handloom weavers

The Union Textiles Minister Smriti Irani unveiled a Mudra portal recently that will enable banks to deposit financial assistance to handloom weavers in electronic mode and credit the loan directly to their accounts.

The Union Textiles Minister Smriti Irani unveiled a Mudra portal recently that will enable banks to deposit financial assistance to handloom weavers in electronic mode and credit the loan directly to their accounts. Through the portal, regional offices of banks will be able to submit the claims in electronic mode. The fund transfer will also be made in electronic mode. The money will be credited directly to the loan account of the weavers. Moreover, interest subvention and credit guarantee fee will be credited directly to the bank. 
"The Mudra portal will be functional from April 1. It will enable weavers to track the status of their loan applications. We are making efforts to link all banks with the portal so that weavers availing Mudra loans can track the processing status of their applications," Textiles Minister Irani said while addressing a conference on International Women’s Day in New Delhi. She pointed out that women comprise 70 per cent of the beneficiaries of the Mudra (Micro Units Development & Refinance Agency) loan scheme. 
The Minister also announced that an award has been instituted in the name of social reformer and freedom fighter Kamaladevi Chattopadhyay, which will be presented to extraordinary women weavers on the Handloom Day on August 7. Irani observed that an analysis undertaken by the Textile Ministry revealed that only one woman has received the Sant Kabir Award till now. Moreover, from 1995 onwards, only 10 per cent women were bestowed the National Merit awards and other national level awards related to the Textile Ministry. 
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