NABARD To Sanction Rs 2.1 Crore To Improve Agri Infrastructure

NABARD chairman G R Chintala said on Saturday that the bank will sanction Rs 2,100 crore for Financial Year 2021-22 to improve agricultural infrastructure in Jharkhand and will disburse an extra Rs 1,800 crore to the government for other infrastructural development projects.

During a three-day visit to Ranchi, Chintala told a news conference that they will not only support the agricultural sector, but will also distribute cash for dairy, fisheries, and rural infrastructure development as part of NABARD Infrastructure Development Assistance.

He said that they are already supporting 49 Badi Vikash Program under the Tribal Development Fund. Plantations have been done at 49 locations across the state through the agriculture infrastructure fund.

He also emphasized ramping up the infrastructure in agriculture marketing in Jharkhand.

He said that there are several projects related to agriculture marketing in Jharkhand that are on hold due to the lack of funding and that they will re-finance all such projects at a meager rate of 1 percent.

"Since the formation of the state, we have sanctioned a total of Rs 16,290 crore for 5,110 projects aimed at improving rural infrastructure," he continued. “We are assisting in the construction of bridges in rural areas to augment physical and rural infrastructure through increased allocations through our different corpus funds in the state, apart from helping the farm sector.”

In the current fiscal year, NABARD is also going to disburse Rs 1,700 crore to Jharkhand Rajya Gramin Bank.

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.

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.