Punjab govt seeks Rs 1,000 crore from NABARD for cooperative institutions

The Punjab government on Wednesday sought Rs 1,000 crore from NABARD for cooperative institutions in the state.

Cooperation Minister Sukhjinder Singh Randhawa made this demand during a meeting with National Bank for Agriculture and Rural Development (NABARD) Chairman G R Chintala in Mumbai, according to a government release here.

The assistance was sought under the Special Liquidity Facility (SLF) and Long Term Rural Credit Fund (LTRCF) for Punjab Agricultural Development Bank (PADB).

The minister apprised NABARD Chairman of the financial constraints faced by PADB.

A strong case was made out in favour of giving SLF and providing 100 per cent refinance under LTRCF to PADB through a presentation, the release said.

After detailed discussions, Chintala assured to provide maximum support under SLF and 100 per cent refinance under the LTRCF to PADB, as per the release.

Randhawa also took up the matter pertaining to loans for setting up cooperative sugar mills in Batala and Gurdaspur. Chintala asked the minister to send detailed proposals for the same, it added.