NABARD Allocates Rs 230 crore for Rural Infrastructure Projects in Mizoram

A grant of Rs 230 crore has been approved by the National Bank for Agriculture and Rural Development (NABARD) for rural infrastructure projects in Mizoram. State Chief Minister Zoramthanga reported that KVSSLV Prasada Rao, General Manager, Mizoram Regional Office, on Monday delivered a letter from the Chairman NABARD informing allocation of Rs 230 crore under RIDF XXVIII for sanctioning of rural infrastructure projects in Mizoram.

The Mizoram Chief Minister tweeted, "Mizoram thank NABARD for its continued support."

In 1989, NABARD opened a sub-office in Mizoram, which it later expanded into a full-fledged regional office.

According to data on the NABARD website, since the Rural Infrastructure Development Fund (RIDF) was established in 1995–1996, NABARD has approved loans totaling Rs. 1744.51 crore for 677 projects involving vital rural infrastructure such as rural roads, bridges, drinking water, health infrastructure, etc., of which Rs. 1071.81 crore has been disbursed so far.

About NABARD:

National Bank for Agriculture and Rural Development [NABARD] is a peak development finance institution fully owned by India’s Government. The bank has been saddled with matters concerning policy, planning, and operations in the field of credit for agriculture and other executing Financial Inclusion.

Functions of NABARD:

NABARD is the most powerful institution in the country which looks after the development of cottage industry, small-scale industry and village industry, and other rural sectors. NABARD also reached out to national economies and supported and promoted integrated development.