NABARD takes the direct route in financing

AHMEDABAD: National Bank for Agriculture and Rural Development ( NABARD), in its series of new initiatives and Repositioning exercise has released Rs 50 crores to Rajkot District central cooperative bank(Dccb) , as direct finance, through its Gujarat Regional Office .

In Gujarat there are 18 DCCB and earlier these were taking re-finance from NABARD through the Gujarat State Cooperative Bank. Now with this product ,NABARD would be able to finance these cooperative bank for agricultural and rural non farm sector projects.

H R Dave, CGM, Gujarat state office of NABARD, while releasing the amount to C N Tarapara, General Manager of the DCCB, said a new leaf is being added to the history in NABARD. This new product of direct financing is being pilot tested in select districts of the country and Rajkot DCCB is the first cooperative to avail the same.

Dr Prakash Bakshi, chairman, NABARD, through video conferencing, appreciated the bank in taking lead for availing direct finance under the new facility. MrTarapara thanked NABARD for the direct support that will boost the bank to meet the credit requirements of farmers and other rural entrepreneurs engaged in allied agri activities, in time and in a cost-effective manner.