Nabard, DGB in co-financing pact

The Andhra Pradesh regional office of the National Bank for Agriculture and Rural Development (Nabard) on Wednesday signed a memorandum of understanding with Deccan Grameena Bank (DGB) to provide co-financing for innovative projects.

The MoU envisages providing credit and technical support to ventures in agriculture and rural development involving sunrise technologies, large outlays and long gestation periods, according to a Nabard release.

DGB operates in five districts of the state through 215 branches, over 70 per cent of which are in rural areas. DGB chairman G Venugopan said the tie-up would expand the bank’s business portfolio as well as enhance credit flow towards medium and long-term projects in agriculture and allied sectors.

 

This is the third co-financing pact for Nabard in the state, after its MoUs with AP Grameena Vikas Bank and Sapthagiri Grameena Bank. A similar MoU with Apcob is in the pipeline.