NABARD provides Rs 10,248-cr support to Punjab in 2014-15

The National Bank for Agriculture and Rural Development today said it extended financial support of Rs 10,248.77 crore to Punjab during 2014-15 financial year.
Out of this total, which is 10.09 per cent higher than previous year's financial support, Rs 8,388 crore was provided to cooperative banks and regional rural banks to refinance short-term agricultural operations.
While, Rs 1,314.77 crore, was provided for refinancing investment credit for capital formation in agriculture, allied activities and rural non-farm sector.
NABARD also gave Rs 490-crore loan to the government for creation of various rural infrastructure under RIDF, it said in a release.
For facilitating credit flow for crop loan, NABARD provided financial support to Punjab State Cooperative Bank and regional rural banks at a concessional rate of 4.5 per cent to the tune of Rs 8,388 crore registering increase of 11 per cent over the previous year.

"This has helped these banks to provide crop loan to farmers at 7 per cent per annum and at 4 per cent per annum to prompt payee farmers," it said.

During 2014-15, NABARD sanctioned a project assistance of Rs 73.20 crore for establishment of 18 Primary Rural Rehabilitation Centres (PRRCs) in 17 districts, it added.
"Each of these PRRC has a 50 bed capacity and is expected to rehabilitate 200 rural youth," it said.
NABARD also sanctioned three projects of Punjab State Transmission Corporation and Punjab Energy Development Agency, involving a total loan assistance Rs 124.71 crore for setting up power transmission and solar energy infrastructure.

For the first time, these corporations availed Rs 43.51 crore under this new business initiative of NABARD in Punjab, it said.