ALSO READAirtel Payments Bank makes 70 Andhra, Telangana villages go cashless Fedbank Finance plans to open 30 more branches in FY18 Repco Home Finance Q1 net up 14% at Rs 45cr in Apr-Jun Esaf Small Finance Bank eyes Rs 5,000 cr business in first yr GST implementation may hold positive surprises for States' Finance: Standard Chartered
Nabsamruddhi Finance, a subsidiary of the National Bank for Agriculture and Rural Development (Nabard), today said it will be expanding its operations to non-farm sectors.
The company will provide credit to NBFCs, Mutually Aided Cooperative Thrift and Credit societies (MACTs), NGOs, FPOs, SHG federations for on-lending to eligible rural borrowers for taking up various non-farm activities.
"By expanding the initiative of refinancing NBFCs, we can support the beneficiaries to take up various non-farm activities," Nabard chairman Harsh Kumar Bhanwala said in a statement.
The company will be financing through on-lending for activities such as rural off-farm, housing, education, health, transport, MSMEs and also to the MFI sector in rural areas.
Nabsamruddhi Finance was promoted with equity participation from Nabard, Andhra Bank, Canara Bank, the Andhra Pradesh and Telangana governments, Andhra Pradesh State Cooperative Bank, Telangana State Cooperative Apex Bank and a few industrial houses.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)