NABARD sanctions Rs 7,460 cr to TN, Puducherry in 2012-13

CHENNAI: National Bank for Agriculture and Rural Development ( NABARD) has sanctioned Rs 7,640 crore for Tamil Nadu and Puducherry in 2012-13, up by 34.3 per cent over the same period of previous year.

In a statement, NABARD Chief General Manager Lalitha Venkatesan said the bank had sanctioned Rs 5,687 crore during 2011-12 to Tamil Nadu and Puducherry.

The majority of the funds (Rs 1,181.19 crore) were allocated towards infrastructure projects to initiatives taken by the Tamil Nadu government under the Rural Infrastructure Development Fund, it said.

On the credit potential for fiscal 2013-14, it said NABARD estimated a credit potential of Rs 1,06,409.85 crore and Rs 1,727.03 crore for Tamil Nadu and Puducherry.

"This credit is expected to flow from the banking system. To enable absorption of this credit flow, NABARD has also identified critical infrastructure required in various sectors, district-wise eventually increasing agriculture production and income to farmers", it added.