NABARD to provide Rs 30,000 crore additional refinancing for farmers
- Finance Minister Nirmala Sitharaman announced that National Bank for Agriculture and Rural Development (NABARD) will provide an additional emergency working capital funding of Rs 30,000 crore to farmers.
- The FM said, is over and above the Rs 90,000 crore provided by NABARD through the normal refinance route during this year.
- The additional Rs 30,000 crore will be immediately released.
- NABARD will offer this working capital fund to meet the crop loan requirement of farmers via rural co-operative banks and regional rural banks (RRBs).
- This will benefit 30 million farmers, which include small and marginal farmers.
- Front-loaded on-top facility will be provided to 33 state cooperative banks, 351 district cooperative banks and 43 regional rural banks based on their lending.
- “This will meet the post harvest (Rabi) and current Kharif requirement in May/June. This will directly reach rural India and the small, marginal farmers,”
About NABARD-
- National Bank for Agriculture and Rural Development (NABARD) is an Apex Development Financial Institution in India.The Bank has been entrusted with “matters concerning Policy Planning and Operations in the field of credit for Agriculture and other Economic activities in Rural areas in India”.
- NABARD is active in developing Financial Inclusion policy.
- Foundation – 12 July 1982
- Headquarters – Mumbai
- Chairman – Harsh Kumar Bhanwala
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