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Chennai: Rs. 40,000 cr to Tamil Nadu from NABARD

Chennai: Dr G R Chintala, Chairman, National Bank for Agriculture & Rural Development (NABARD) met Hon’ ble Chief Minister of Tamil Nadu Shri M K Stalin today and discussed about the financial assistance available from NABARD to various projects including infrastructure projects like assistance under Rural Infrastructure Development Fund (RIDF) up to Rs. 3,000 cr, development of rural infrastructure under NABARD Infrastructure Fund, coverage under Fisheries Infrastructure Development Fund (FIDF), Dairy Infrastructure Development Fund (DIDF). Increased assistance to cooperative Banks, Tamil Nadu Grama Bank and other banks was highlighted during the discussions.

For the current financial year, the likely support would be substantially higher at Rs. 40,000 Cr for the State. NABARD has provided higher assistance of Rs. 27,040 cr last year with growth of 87% over previous year.

Chairman, NABARD, addressed the major banks in the State regarding flow of ground level credit to agriculture and rural development and interacted on the issues pertaining to rural credit. In the virtual meeting that followed, he interacted with various NBFCs and NBFC-MFIs on the issues confronting the sector.

Dr G R Chintala, during his two days visit to Tamil Nadu on 18 and 19 June, visited Thellaru Farmers Producers Organisation (FPO) promoted by NABARD in Tiruvannamalai district on 18th June 2021. He inaugurated the integrated Agri Business Complex of the FPO and presented Rs. 5.00 lakh to the FPO towards business promotion initiatives. He emphasized that collectivisation of small and marginal farmers into Farmers Producers Organisation (FPO) as the mantra for resolving their issues more particularly in fetching remunerative price for their produce.

A MoU between NABARD and State Bank of India for collaboration towards inclusive growth of Rural Tamil Nadu through banking support in next 5 years was also executed today by Shri S Selvaraj, Chief General Manager, NABARD, Tamil Nadu and Shri R Radhakrishna, Chief General Manager, SBI, Tamilnadu, in the presence of Dr G R Chintala, Chairman, NABARD

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