NABARD Releases Rs 492.90 Crore For Rural Infrastructure Development Projects in Tamil Nadu
The National Bank for Agriculture and Rural Development has the sanctioned funds for the implementation of as many as 133 rural infrastructure projects in Cuddalore district.
As many as 310 rural infrastructure projects worth Rs 1,417.36 crore are being implemented in Tamil Nadu’s Salem district with NABARD’s rural infrastructure development funds, reports The Hindu.
A Bhama Buvaneswari, Assistant General Manager of National Bank for Agriculture and Rural Development, in a release said that Rs 492.90 crore had been released as part of the projects covering vital development projects like drinking water, rural roads, bridges, cold storage, minor irrigation, rural education institutions and veterinary projects.
In a press release, NABARD District Development Manager Vijay Neehar said that a sum of ₹34.15 crore had been released under the Rural Infrastructure Development Fund (RIDF) covering various vital infrastructure projects for development of Cuddalore district such as rural roads and bridges, irrigation, schools and veterinary projects.
According to the release, NABARD has also refinanced ₹348.20 crore to Cuddalore Cooperative Bank and ₹155.25 crore to Tamil Nadu Grama Bank for 2020-21. With NABARD grant support, an integrated watershed management scheme with climate mitigation measures is being implemented in Kotteri, Narumanam, Koltankurichi, Thandakaranakuppam and Shri Adivarahanallur in the district.
In Punjab, NABARD has provided all-time high financial support of Rs 12,108 crore by registering a growth of 51 per cent over the disbursement during the previous year (2020).
On 6 April, 2021, NABARD reported 24 per cent growth in its balance sheet to a record high of Rs 6,57,486 crore in the financial year 2020-2021 as compared to Rs 5,32,075 crore in financial year 2019-2020.
For fresh lending in financial year 2021-2022, Reserve Bank of India (RBI) will provide a special liquidity facility (SLF) of Rs 25,000 crore to NABARD for a period of one year to support agriculture and allied activities, the rural non-farm sector and non banking financial companies-microfinance institutions (NBFC-MFIs).
