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| Nabard clocks two-fold jump in financing |
| Press Trust of India / Mumbai Sep 08, 2010, 20:46 IST |
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On the back of a good monsoon, the National Bank For Agriculture and Rural Development (Nabard) has witnessed a two-fold increase in financing this fiscal and is eyeing a disbursement of Rs 40,000-crore by March 2011, a top official said.
"This year, credit growth has been very healthy because of the good monsoons and we have already witnessed refinance disbursements doubling to Rs 10,000-crore as against Rs 5,000-crore last year," Nabard's Chairman U C Sarangi told reporters on the sidelines of a banking event here today.
The bank is targeting to finance loans worth over Rs 40,000-crore in the current fiscal of which over Rs 26,000-crore would be for short-term credit and over Rs 13,000-crore for long-term, he said.
In FY10, the bank had done a financing of Rs 34,000-crore, Sarangi said.
Nabard has not borrowed any money so far and has been deploying internal accruals for financing, he said.
The specialty institution's borrowing cost has been constant and there has not been a hardening of interest rates as feared earlier which is helping the bank further, he said.
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