Nabard targets to sanction Rs 7,800 cr in AP

The National Bank for Agriculture and Rural Development (Nabard) has set a target of sanctioning Rs 7,800 crore in Andhra Pradesh for the financial year 2011-12. This includes Rs 4,000 crore lending under crop loan, Rs 2,500 crore investment credit and Rs 1,300 loan under the Rural Infrastructure Development Fund (RIDF).

The total credit potential under the priority sector for the state is estimated at Rs 70,849 crore as against the projection of Rs 60,904 crore for the year 2010-11, registering 16.3 per cent growth, P Mohanaiah, chief general manager, Nabard told mediapersons here on Friday.

The total business of the bank in the state has increased to Rs 11,140 crore as on March 31, an 18 per cent growth over previous year's Rs 9,424 crore.

The credit support includes, Rs 3,569 crore as short term credit to banks, Rs 2,293 crore as refinance for investment credit to banks and Rs 895 crore loan to state government under RIDF.