Bengal taps Nabard for more funds

The West Bengal government has urged the Union government to include power projects in the Rural Infrastructure Development Fund (RIDF) under National Bank for Agriculture and Rural Development (Nabard).

The state had sought additional Rs 300 crore, out of a total projection of Rs 1,500 crore, for financing small power projects under the Rajiv Gandhi Grameen Vidyutikaran Yojana for rural electrification under RIDF fund for 2009-10, said P Mohanaih, chief general manager, Nabard, West Bengal, at a press conference in Kolkata on Thursday. Last fiscal, under RIDF XIV- 2008-09, the normative allocation for the state was Rs 761 crore, against a disbursement of Rs 526 crore, a rise of 40 per cent over the previous year.

For 2009-10, the total credit target for the priority sector by the banking sector has been pegged at Rs 18,101 crore in West Bengal. Mohanaih also said, last year West Bengal topped among regional offices for resource mobilisation through zero coupon Bhavisya Niram Bonds. The state collected Rs 207 crore, against a total collection of Rs 2,767 crore. For fiscal 2009-210, Nabard is yet to issue the bonds, as it is awaiting government notification in this regard.

This apart, Nabard has exceeded its refinance target by Rs 37 crore, to Rs 522 crore last fiscal. Nabard is likely to set a refinance target of Rs 550 crore for commercial, regional rural and co-operative banks in West Bengal for 2009-10.

Nabard also plans to open at least 1,000 farmers’clubs opened in the present fiscal. Last fiscal, 351 farmers' clubs were opened in the state.

Mohanaih said, thrust areas for Nabard this year would be implementation of employment, income generation, entrepreneurial development and skill upgradation programmes through cluster promotion.