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NABARD credit to Rajasthan at Rs.14,690 cr in 2017-18, up nearly 15%

NABARD has extended a total credit support of Rs.14,690 crore to Rajasthan government, banks and state public sector units and corporations through its financial interventions for the development of agriculture and rural economy during 2017-18

jaipur Updated: Apr 17, 2018 22:30 IST
HT Correspondent
HT Correspondent
Hindustan Times
The Rajasthan government had waived off loans of up to Rs 50,000 taken by farmers from the cooperative banks.(HT File)

National Bank for Agriculture and Rural Development (NABARD) has extended a total credit support of Rs 14,690 crore to Rajasthan government, banks and state public sector units and corporations through its financial interventions for the development of agriculture and rural economy during 2017-18, a growth of nearly 15% compared to last year, officials said.

Addressing a press conference on Tuesday, NABARD chief general manager AK Singh said that during 2017-18, NABARD provided financial assistance of Rs 12,240 crore as refinance to banks for supplementing the financial resources of the banks in Rajasthan.

Replying to a query, he said that there has been no impact of farm loan waiver on NABARD as it was a refinancing agency, but NABARD will ensure that the fresh credit line should not choke due to debt waiver and that cooperative banks and rural banks had adequate resources.

The Rajasthan government had waived off loans of up to Rs 50,000 taken by farmers from the cooperative banks.

Singh said the recovery position of cooperative and rural banks will become clearer by June 30, as agriculture sector credit cycle is from July to June.

“NABARD disbursed concessional loan of Rs 1,851.29 crore to the Rajasthan government for rural infrastructure development fund (RIFD) and sanctioned financial assistance of Rs 196.32 crore towards completion of Narmada Canal Project under long-term irrigation fund (LTIF) and released Rs 101.45 crore under this scheme during 2017-18,” he said.

Singh said there was an increased focus on the digital banking and the goal moving forward was that all the transactions are in digital mode.

First Published: Apr 17, 2018 22:30 IST