Home ECONOMY Nabard sanctions 35 percent more funds to Odisha

Nabard sanctions 35 percent more funds to Odisha


Odisha Sun Times Bureau
Bhubaneswar, Jul 13:

The National Bank for Agriculture and Rural Development (Nabard) has provided additional funds of more than 35% to Odisha in 2014-15 for different works.

nabard-logoOut of Rs 10,000 crore sanctioned for the state Rs 8,000 crore has been already disbursed.

Nabard has provided an assistance of Rs 1,077 crore to the state government for construction of 3,700 godowns in rural areas of the state. On completion these godowns a combined storage space of 9.23 lakh tonnes will be created.

The information was provided by Nabard Chief General Manager S K Kale at the bank’s regional office here on Sunday at a function to mark the bank’s 34th foundation day.

“Small and marginal farmers of the state will benefit from these godowns. Nabard is also providing assistance for construction of mega food parks. Nabard has sanctioned Rs 2,000 crore from its funds for the purpose,” said Kale.

He said Nabard has undertaken digitization of Self Help Groups (SHG) s in ten districts across the country as a pilot project and Jagatsinghpur from Odisha is one among them.

He informed that the sanctions and disbursements under Rural Infrastructure Development Fund (RIDF) in 2014-15 were in excess of Rs 2650 crore and Rs 1560 crore respectively, in the state. The sanctions under the RIDF to the state stood at about Rs 12000 crore cumulatively.

The short term credit limit sanctioned by Nabard to the cooperatives and the regional rural banks (RRBs) in the state is pegged at Rs 5000 crore during 2014-15.

Speaking on the occasion chief secretary GC Pati urged the bank for appropriate policy measures for reducing the inequality in farm and non-farm sector. He stressed on expanding outreach of banks in rural areas to provide banking services in the remotest corner of the state.

It’s worthwhile to mention here that in the current fiscal (2015-16) Nabard has readied an annual loan plan of Rs 47,756 crore for Odisha. On the basis if this plan banks extend loans to priority sectors. The 2015-16 annual plan is 19% more in comparison to 2014-15 plan, officials said.

Four journals brought out by Nabard were released at the function.

Development commissioner UN Behera while emphasizing the need of agriculture credit, said the CD (credit deposit) ratio of rural branches of scheduled banks in Odisha is around 35-36 per cent in contrast with Andhra Pradesh where the ratio hovers at 150 per cent