Nabard business up 13% in Bengal

The National Bank for Agriculture and Rural Development (Nabard), West Bengal, has recorded a 13 per cent increase in business at Rs 3,893 crore for the financial year 2009-10. In the last fiscal, the total business of Nabard in the state was close to Rs 3,444 crore as on 31 March 2009. Some of the development programmes that led to the growth include farmers’ clubs initiative, Wadi and rural non-farm programme, apart from refinance to banks and financing the state government for creation of rural infrastructure in the state, according to a press release by Nabard.

This apart, as a part of the revival package for short-term cooperative credit structure (STCCS) in the state, Nabard has released the Central government's share of recapitalisation assistance of Rs 134.96 crore to 3,157 primary agriculture credit societies(PACS) in the state, based on the assurance given by government of West Bengal to introduce cooperative reforms as suggested by the Vaidyanathan Committee, according to the press release.

The balance amount will be released after the amendments are approved by the State Assembly. For 2010-11, the priority sector lending by banks has been set at Rs 26,000 crore, as against Rs 18,100 crore for the last financial year. The share of agriculture credit has been estimated at Rs 12,157 crore, followed by micro MSME at Rs 6,526 crore and other priority sectors including SHGs (self help groups) at Rs 7,317 crore.

Other thrust areas for the bank will be the promotion and financing of Joint Laibility Groups (JLG). At least one lakh JLGs are expected to be financed.