Weaver MUDRA Loans: Finance Ministry Asks PSBs to Speed Up
Why in the news
To boost credit to handloom weavers, the Finance Ministry told PSBs to sanction and release Pradhan Mantri MUDRA Yojana loans faster under the National Handloom Development Programme.
Key facts
- The Handloom Weaver Mudra Portal, built with Punjab National Bank, handles claims for margin money, interest subvention and guarantee fees.
| Benefit | Detail |
|---|---|
| Margin money | 20% of loan; ₹25,000 cap for individuals; ₹20 lakh for organisations (₹2 lakh per 100 weavers) |
| Interest subvention | 6% for 3 years, capped at 7% |
| Guarantee fee | Waived up to 3 years |
Market access
- 150,000 weavers are on the Government e-Marketplace.
- Textiles Ministry tied up with 23 e-commerce platforms and launched the ‘Indian Handmade’ portal.
Exam angle
- Schemes: PMMY, NHDP; portal partner: Punjab National Bank.