Oct '09
He added that the department is taking this issue very seriously. The Centre has provided Rs 4 million to the handicraft industry and it has been transferred to Jammu and Kashmir Bank, which can utilize this amount as guarantee money against such loans, he informed.
If anybody takes loan under such scheme and fails to repay it, the money can be deducted from the transferred amount, said Mr. Zargar. The one who takes loan under this scheme has to pay just 7 percent interest to the bank and rest 5 percent will be paid by the department as subsidy, he added.
Fibre2fashion News Desk - India
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