UP govt stands guarantee of Rs 4,700 cr to NABARD

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Lucknow, Jan 5 (UNI) For facilitating credits by UP Cooperative Rural Development Bank (UPCRDB), the Uttar Pradesh government has approved a government guarantee of Rs 4,700 crore to National Bank for Agriculture and Rural Development (NABARD).

This pertains to the current fiscal 2007-08.

A decision to this effect was taken at the meeting of Council of Ministers here last evening, presided over by Chief Minister Mayawati, according to an official statement today.

As per the decision, the registrar of UP cooperative societies has been authorised to issue credit letters to the limit of Rs 700 crore till June 30 this year.

UPCRDB has also been allowed to open escrow accounts.

Besides, the norm of the Bank depositing one per cent guarantee fee has also been relaxed to 0.25 per cent.

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