NABARD's financial aid to K'taka touches all-time high of Rs 6,053 crore

Bangalore: The financial support to banks, NGOs and the state government in Karnataka by NABARD touched an all-time high of Rs 6,053 crore last fiscal, a rise of about 40 percent from 2010-11.

“NABARD support to banks, Karnataka government and NGOs during 2011-12 for agriculture credit and rural development has touched an all-time high of Rs 6,053 crore recording a growth rate of about 40 percent compared to last fiscal,”

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National Bank for Agriculture and Rural Development (NABARD) Chief General Manager S N A Jinnah told reporters here.

Production credit refinance extended to Cooperative Banks and Regional Rural Banks (RRBs) at Rs 3,775 crore would ensure hassle-free crop loans to farmers, he said.

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Financing the government under Rural Infrastructure Development Fund at Rs 739 crore would lead to bringing rural connectivity, irrigation and rural social sector investments

to forefront, he said.

To augment capital formation in agriculture, an all-time high investment refinance of Rs 1,345 crore has been disbursed to various banks in the state recording a 37 per cent growth

over previous year, Jinnah said.

NABARD has also introduced new product lines like NABARD Ifrastructure Development Assistance, under which Rs 42 crore was sanctioned to Karnataka State Warehousing Corporation for construction of godowns and Rs 244 crore to ‘Krishna Bhagya

Jala Nigam’ for lift irrigation schemes, he said.

An all-time high of 1,300 farmers clubs were formed during the year which serves as an effective linkage between banks, technology institutions and markets, Jinnah said.

NABFINS, a subsidiary of NABARD, has also been extended a refinance of Rs 200 crore to give loans to 11,000 Self-Help Groups, he said.

A financial assistance of Rs 1.6 crore was provided to Cauvery Kalpatharu and Chikmagalur Kodagu Grameena Banks for implementation of financial inclusion through smartcards,

Jinnah said.

PTI