HK Bhanwala, chairman of National Bank for Agriculture and Rural Development (NABARD), was on a two-day visit to the city.
During the visit, Bhanwala held discussions with the chief ministers of Punjab and Haryana, senior officers of both states, chief executives of State Cooperative Banks (SCBs), Regional Rural Banks (RRBs), and State Cooperative Agriculture and Rural Development Banks (SCARDBs) regarding various development schemes and programmes being implemented by NABARD in both the states.
According to officials, a recent attempt has been made by NABARD to support capital formation in agriculture by increasing long-term credit flow through its refinance support. To achieve this, reduction in rate of interest by 30 basis points has been affected, though interest rates are going up in the market.
For storage and warehousing, a fund of Rs 5,000 crore has been created in NABARD, against which, Rs 2,200 crore has already been sanctioned. This fund was primarily meant for the state and government corporations. The union budget for 2013-14 has provided for supporting private and government in warehousing development.
It was also discussed that chief minister of Punjab suggested integrated development of micro infrastructure at village-level by adopting one village per district for which NABARD would fund the state government In Punjab. NABARD is also providing support for dairy upgradation.
As a part of his visit to Chandigarh, Bhanwala also laid the foundation stone of the Senior Officers' Quarters of NABARD at Sector 66, SAS Nagar.