Nabard to give banks refinance of Rs 5,000 cr to support watershed projects

These projects cover 2.3 million hectares of rainfed area, watershed and tribal development project areas

The National Bank for Agriculture and Rural Development (Nabard) on Monday announced Rs 5,000 crore of refinance scheme for banks and financial institutions for providing finance to the beneficiaries of its 2,150 watershed development projects.

The development finance institution also earmarked another Rs 5,000 crore for turning Primary Agricultural Credit Societies (PACS), building blocks of the country's cooperative banking structure, into multi service centres.

Nabard organised its first 'Digital Choupal' on Monday to mark its 39th foundation day.

"In a move which will boost offtake of economic activities in areas grappling with reverse migration, concessional bank refinance to the tune