Textiles Minister K T Rama Rao announced on Thursday that a new scheme will be launched on June 24 from Pochampally and the main objective of the scheme is to provide financial and social security to the weavers.

The new Telangana Handloom Weavers Thrift Fund Savings and Securities Scheme (TFSSS) is for the benefit of weavers in the State.

Rama Rao said that apart from providing financial and social security, the scheme will also help the weavers take loans or any financial help in the future to meet their needs.

The scheme would cover those working in weaver cooperative societies, self employed weavers, dying, warping, winding, sizing and allied fields of handlooms and weavers of 18 years and above can join the scheme.

He has spoken to the secretary finance to release funds for the implementation of the scheme.

That apart, a committee would be formed to fix rates for Bathukamma saris and for procurement. The Minister also took stock of the implementation of loom up-gradation scheme, workers to owner scheme.

The guidelines for the new TFSS scheme would be released on Friday.