NABARD extends Rs 1638 crore funds to TN, Pondy

Chennai, Apr 5 (UNI) The National Bank for Agriculture and Rural Development bank (NABARD), Chennai, has disbursed Rs 1,638 crore for Tamil Nadu and Pondicherry for various welfare schemes during 2006-2007.

The funds were disbursed for utilisation of short-term credit scheme, captial formation in agriculture, co-financing of projects, post-harvest and marketing support, promotion of organic farming, SHGs-post office linkage programme, rural infrastructure development fund, watershed development, non-farm sector and NABARD rural innovation fund.

According to the statistics given by NABARD Chief General Manager K V Raghavulu, the bank has sanctioned credit limits to the tune of Rs 409.45 crore to Tamil Nadu State Cooperative bank and Rs 132 crore to RRBs in order to help the cooperative banks to provide credit support to the farmers in the state.

Apart from this, the bank has supported the commercial banks, cooperative banks and RRBs by way of refinance to the tune of Rs 522.35 crore in Tamil Nadu. This was nearly Rs 92.85 crore more than last year, registering a growth of about 21.62 per cent.

NABARD and SBI have jointly financed Rs 27 crore for construction of Tamil Nadu's biggest agricultural marketing complex at Nagercoil.

Under the post harvest and marketing support, NABARD has extended Rs 9.93 crore for purchase of 695 self propelled and tactor mounted combine harvesters. Other projects, which have been sanctioned subsidy, include cotton ginning mill, coconut drying yard, cold storage with allied infrastructure, an agri-clinic and a seed processing unit.

Under the national project on Organic farming, NABARD has released an advance subsidy of Rs 15.76 lakh for six projects dealing with Vermi hatcheries and bio-fertilisers.

As on March 31, 2007, 119 watersheds in 22 districts covering 1.08 lakh hectare area were sanctioned by the bank and extended Rs 493.05 lakh by way of grant and Rs 140.84 lakh as loan component.

To generate largescale employment in weaving segment and to enable the cooperative structure to provide credit support to the weavers, NABARD has sanctioned a credit limit of Rs 227 crore to SCB on behalf of weavers cooperative societies.

Apart from this, NABARD-SDC rural innovation fund was created by the bank in collaboration with Swiss agency for development and cooperation with a corpus of Rs 147 crore to support new ideas and innovations in farm, non-farm and micro finance sectors, Mr Raghavulu said.

UNI