State-owned, Canara Bank is aggressively offering the weavers’ credit card scheme, a loan scheme for handloom weavers, formulated by the Development Commissioner (Handlooms), Ministry of Textiles in consultation with the Ministry of Finance (Banking Division). With this initiative, the bank aims to provide adequate and timely finance, for investment purpose and working capital needs, to this unorganized sector of the textile industry.
The bank is also offering this loan scheme to existing to the handloom weavers, who had already utilized credit under other schemes of the bank, provided they cleared their existing liabilities with the bank. Under this scheme, the weavers can avail loan up to Rs 2 lakh for a period of three years and no margin money is required for loans up to Rs 25,000.
