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A sign of success Tamil Nadu NABARD Chief T.Venkatakrishna

Financial Assistance by NABARD reaches new high of ₹32,443crore in FY22

Under the leadership of Tamil Nadu NABARD Chief Mr. T. Venkatakrishna, the work being done for the development of the state in various fields is commendable. Coordinating with the top brass of the state and the senior officers of the NABARD head office, they were able to raise a majority of the funds and succeed in playing a major role in the development of the state of Tamil Nadu. Received praise from all quarters. Financial assistance through the Tamil Nadu NABARD Regional Office FY22 has reached a new high of ₹ 32,443 crore, a boon to the state’s development.

Details of various development projects undertaken under the auspices of NABARD Regional Office, Tamil Nadu in the words of CGM Venkatakrishna.

National Bank for Agriculture and Rural Development (NABARD) assistance in Tamil Nadu reached new heights during FY’22 with aggregate disbursements at₹32,443 cr, up from ₹27,135 cr the previous year, a growth of 20%.This includes₹23,167 cr refinance assistance for short term and long-termagriculture, allied and priority sector activities. Major share was ofCooperative Banks at ₹9,745 cr (42%) followed by  Commercial Banks at ₹5,746 cr (25%), Regional Rural Banks at ₹5,037 cr (22%) and NBFC/mFIs at ₹2,639  cr (11%).

A new credit facility aggregating ₹ 2,830 crwas disbursed under Direct Refinance Assistance to TN State Apex Cooperative Bank. NABARD also extended financial support at concessional interest rate to State Govt. for creation of rural infrastructure and ₹4364 cr sanctioned during FY ’22, registering 8% growth.

Rural Infrastructure Development Fund (RIDF) with sanction of ₹ 3111 crwas the highest ever, covering Agri & Allied, Social and Rural connectivity sectors of which notable projects areminor/medium irrigation,restoration of degraded forest landscape, combined drinking water, Modernization of Industrial Cooperative Tea factories, fish landing centres etc.

Under NABARD Infrastructure Development Assistance Fund ₹1,500 cr disbursed for creation of irrigation and drinking water infrastructure; ₹450 cr sanctioned under Fisheries and Aquaculture Infrastructure Development Fund for creating fisheries related infrastructure like fishing harbours, fish seed farms, rearing ponds and training centres for fishermen; under Food Processing Fund, ₹38 cr sanctioned and released for establishment of Mega Food Park at Gangaikondan Industrial Growth Centre, Tirunelveli; Released ₹182 cr under Micro Irrigation Fund and ₹104 cr under Warehouse Infrastructure Fund (WIF) for creating Storage Infrastructure.

Under the scheme of transformation of Primary Agricultural Cooperative Societies (PACS) as Multi Service Centres, 411 projects sanctioned with a cumulative refinance assistance of ₹45 cr at concessional interest rate.

Under RIDF, ₹19 cr sanctioned to Govt. of Puducherry for Construction of check dam across Sankaraparani river and released ₹24 cr for implementing ongoing RIDF projects.

Grant assistance aggregating ₹46 cr extended by NABARD to implement replicable innovative developmental projects in Agri and allied sectors.Major activities are, grant support of ₹ 2.34 cr for farm sector and illustratively, IoT based soil and weather stations for agricultural perspective use, Rejuvenation of Sirumalai banana cultivation through permaculture, empowering farmers through Drone system for Precision agriculture, etc.

Under Tribal development projects for creating sustainable livelihoods for tribals, grant of ₹4.01 cr was released for ongoing tribal development projects. ₹10.59 cr was released for watershed development projects, post-watershed climate proofing and KfW-soil projects. Under Central Sector Scheme for promotion of 10,000 Farmer producer organisations, 38 Farmer Producer Companies are promoted with grant assistance of ₹17.34 cr.

Grant assistance of ₹4.44 cr sanctioned for various Off-farm interventions like Rural Haat, Rural Marts, Exhibitions, Skill Development initiatives.Grant assistance of ₹3.24 cr released to various agencies for livelihood and micro enterprise development programmes, digitisation of SHGs, promotion and nurturing of Joint Liability Groups (JLGs) thereby giving a boost to the micro-finance sector.₹10.58 cr grant sanctioned for various financial inclusion initiatives, which included 11,392 Financial and Digital Literacy Camps, 23 Mobile demo vans and 560 Micro ATMs in various DCCBs.

During the current financial year assistance of ₹40,000 cr is expected to be advanced for various activities in the State. Cluster offices of District Development Managers areopened for strengthening the services to all districts of the State and Union Territory of Puducherry.

 

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