Nabard extends Rs 9,241 cr to co-operative banks, RRBs as refinance in Guj

This is highest ever refinance support given by the bank in Gujarat

Last Updated : Apr 20 2017 | 5:06 PM IST

National Bank for Agriculture and Rural Development (Nabard) has extended Rs 9,241 crore as refinance support to cooperative banks and regional rural banks (RRBs) in Gujarat for providing crop loans to farmers during 2016-17. The bank has sanctioned Rs 2,274 crore to the Government of Gujarat for irrigation project of SAUNI Yojana.

"Refinance support amounting to Rs 9,241 crore has been extended to cooperative banks and RRBs in Gujarat for providing crop loans to farmers by Nabard in 2016-17. This is highest ever refinance support given by the bank in Gujarat," said official of Nabard in Gujarat.

Nabard has provided Rs 2,274 crore to the state government for irrigation projects under rural infrastructure development fund (RIDF). The fund was given for Saurashtra-Narmada Avataran Irrigation Yojana (SAUNI) link 2 and 4, lift Irrigation project from Kadanna reservoir and Sardar Sarovar canal based drinking water supply project.

"As per the state's requirement, we have sanctioned Rs 2,274 crore in last financial year. With this, the cumulative sanctions to Gujarat under RIDF stand at Rs 22,045 crore. Nabard has also made cumulative sanction of Rs 1704 crore for infrastructure projects of the State Owned Institutions, against which Rs 574 crore has been utilized till March 2017," the official further stated.

To develop post harvest infrastructure in Gujarat, the bank has built cold storage facility with 5,000 tonnes capacity. During the year, the total disbursement under Warehouse Infrastructure Fund was Rs 26.40 crore. Further, a project for setting up a Mega Food Park in Mangrol taluk, Surat district has been sanctioned and is under implementation.

According to Nabard, under another separate line of credit, financial support was extended to Gujarat Cooperative Milk Marketing Federation Limited (GCMMF) to the extent of Rs 215 crore, during the year ended on March 2017 taking the cumulative funding at Rs 1,083 crore of the total sanction of Rs 1,800 crore.