NABARD releases funds for cooperative revival in AP

Hyderabad, July 24 (UNI) The National Bank for Agriculture and Rural Development(NABARD) has released Rs 423.64 crore for cooperative revival in Andhra Pradesh towards the Government of India share.

The bank had released the first tranche of recapitalisation assistance on behalf of 1,506 Primary Agricultural Cooperative Societies(PACS) out of 2,738 PACS affiliated to 22 District Central Cooperative Banks (DCCBs) in the state.

According to a release here today, the Centre's share had been released pursuant to the release of State Government share of Rs 78.64 crore. PACS share would be Rs 65.80 crore.

The revival package for cooperative credit structure in the state was being implemented upon execution of an MoU by the state govenment wth the Centre and the NABARD in August last year.

The Centre had entrusted the responsibility of implementing the package to NABARD and the implementation would be monitored at district level by the District Level Implementing Committee headed by the Collector.

The recapitalisation assistance would help the eligible PACS to wipe out the accumulated loses on account of agriculture and other credit business, non-credit business, distribution of inputs such as fertilisers, pesticides and seeds, PDS business, settlement of State Government dues like interest rebates, the release added.

UNI