NABARD support soars 256% in Chhattisgarh

Total financial aid for agriculture and rural development activities in state touched Rs 4,388 cr in FY13

The National Bank for Agriculture and Rural Development (NABARD) financial assistance in Chhattisgarh has recorded new high during the financial year 2012-13.

The total financial assistance for agriculture and rural development activities in Chhattisgarh touched Rs 4388 crore in the recently concluded financial year. "This showed an increase of 256 per cent over the last fiscal's Rs 1231 crore," NABARD Chief General Manager Sunil Kumar Bansal said.

A number of initiatives taken by the bank during the financial year resulted in the whopping growth, Bansal said adding that the NABARD provided credit facility of Rs 2000 crore to the Chhattisgarh Marketing Federation for paddy procurement during the kharif marketing season 2012-13.

This was for the first time NABARD had provided financial assistance for paddy procurement in Chhattisgarh. The other regional offices of the bank in different states are following the suit to provide financial assistance for paddy procurement.

The Rural Infrastructure Development Fund (RIDF) support to the state government was pegged at Rs 982.77 crore during the year showing a whopping 237 per cent growth compared to last years's sanction of Rs 291.03 crore. As against the above sanctions, Rs 288.39 crore was released in 2012-13 showing an increase of 88 per cent over Rs 153.12 crore of fiscal 2011-12.

Bansal said NABARD also provided Rs 1221.87 crore of refinance to banks under production as well as investment credit as against Rs 940.34 crore during 2011-12 entailing a growth of 30 per cent. Out of the total refinance disbursed during 2012-13, Rs 1016.23 crore and Rs 205.64 crore stood for production and investment credit respectively.

Under the core banking solutions (CBS), total 171 branches of the Chhattisgarh State Cooperative Bank (CSCB) and 5 branches of District Cooperative Central Bank (DCCBs) have been connected online. Bansal said Chhattisgarh became the first state in the country which completed core banking solutions project much before the deadline.