Financial assistance to Punjab may cross Rs 11k cr this fiscal: Nabard

The National Bank for Agriculture and Rural Development (Nabard) on Thursday said financial assistance to Punjab under various schemes would cross Rs 11,000 crore in the current fiscal.

"Punjab Regional office plans to cross the threshold of Rs 11,000 crore of financial assistance to various stakeholders including the state government in Punjab," said Nabard Chief General Manager (Punjab region) J P S Bindra said here.

Nabard, which provides credit support for infrastructure development, including long term loans for capital formation in rural areas and short term agriculture loans, had disbursed funds to the tune of Rs 9,289 crore in 2018-19.

Bindra said with rural infrastructure development being the top priority, Nabard has supported various infrastructure projects in Punjab.

The bank provided assistance of Rs 458.24 crore to the state government under Rural Infrastructure Development Fund (RIDF) for creation of critical rural infrastructure facilities with cumulative assistance of Rs 9,026 crore since inception till March 2019.

Nabard also sanctioned term-loan of Rs 27.13 crore to Punjab Agro Industries Corporation Limited (PAICL) for the development of mega food park at Ludhiana and Rs 317.4 crore under its Infrastructure Development Fund to state power transmission utility for rejuvenating transmission infrastructure across the state during previous year.

"Under warehouse infrastructure fund, NABARD has sanctioned Rs 210 crore to state owned PUNGRAIN for creation of 5 lakh MT silos and Rs 255 crore to PSWC for creation of new godowns and modernization of existing storage infrastructure across Punjab," he said.