NCDC sanctioned Rs 3167 crore during current year

New Delhi, Apr 28 (UNI) The National Cooperative Development Corporation (NCDC) has surpassed all previous achievement levels by making disbursals of Rs 2300 crore and sanctions of Rs 3167 crore to various cooperative development programmes in the country during 2005-06.

Its report at its 62nd general council meeting, chaired by the Agricultural and Cooperative Minister Sharad Pawar here today, earmarked a plan outlay of Rs 1800 crore for 2006-07.

The NCDC Managing Director said the Corporation had disbursed an assistance of Rs 1800 crore directly to cooperatives, around 78 per cent of the total sanctioned amount during 2005-06. And, the NCDC has so far provided a total financial support of Rs 11,084 crore to the cooperatives since its inception in 1963.

The NCDC has now approached the government for soft line of credit to enable it to reduce its interest rates to the beneficiaries at par with farm loans at seven per cent.

At present its interest rate is eight per cent.

The corporation gives a special emphasis on disbursing loans to weaker section programmes, including for modernisation, upgradation of existing agro-processing facilities and development of marketing infrastructure and integrated cooperative development projects (ICDP) schemes.

Speaking on the occasion, Mr Pawar expressed concern over the declining share of cooperatives in the credit disbursement.

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