Andhra govt plans to open bank for handloom sector

Andhra Pradesh Government is planning to set up a dedicated bank for handloom and textiles sector with initial investment of Rs 200 crore. ‘The bank will provide interest-free loans to handloom cooperative societies and weavers once set up,’ handlooms and textiles minister G Prasad Kumar told reporters on Thursday. He said chief minister N Kiran Kumar Reddy instructed officials of Department of Finance to release Rs 191 crore to clear the dues of handloom cooperative societies. The minister said a powerloom cluster will be set up at Pedana village in Krishna district with an investment of Rs 2 crore on 10-acre land. A Handloom conference will also be held in Hyderabad on 20 October, he said, adding various stake-holders in the sector will attend the meeting.