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Nabard arm Nabsamruddhi to finance non-farm activities

Press Trust of India  |  Mumbai 

Nabsamruddhi Finance, a subsidiary of the National for Agriculture and Rural Development (Nabard), today said it will be expanding its operations to non-farm sectors.

The company will provide credit to NBFCs, Mutually Aided Cooperative Thrift and Credit societies (MACTs), NGOs, FPOs, SHG federations for on-lending to eligible rural borrowers for taking up various non-farm activities.

"By expanding the initiative of refinancing NBFCs, we can support the beneficiaries to take up various non-farm activities," chairman Harsh Kumar Bhanwala said in a statement.

The company will be financing through on-lending for activities such as rural off-farm, housing, education, health, transport, MSMEs and also to the MFI sector in rural areas.

Nabsamruddhi was promoted with equity participation from Nabard, Andhra Bank, Canara Bank, the and governments, State Cooperative Bank, State Cooperative Apex and a few industrial houses.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, August 08 2017. 19:42 IST