nabard: NABARD extends financial support of Rs 42,313 crore towards rural infrastructure

The National Bank for Agriculture and Rural Development (NABARD) has extended financial support up to Rs 42,313 crore towards building rural infrastructure in the ongoing fiscal year, according to an announcement made on Thursday.

NABARD disbursed Rs 20,869 crore during FY20 for irrigation related projects in addition to deploying Rs 5,686 crore for rural connectivity.

“Underlying the importance of multiplier effort on agrarian economy by irrigation facility, NABARD has, so far, disbursed Rs 20,869 Crore during the current year in addition to providing Rs 5,686 Crore for rural connectivity,” the release said.

Apart from these, the development bank released Rs 10,935 crore towards various government schemes. These include the ‘housing for all scheme’ or the Pradhan Mantri Aawas Yojana-Gramin, and for clean water and sanitation facilities under the Swachh Bharat Mission.

The bank also lent financial support to causes like drinking water supply, renewable energy, storage and dairy infrastructure among others.

In the last five years, NABARD has disbursed Rs 1.98 lakh crore towards rural development.

Earlier this month, the bank announced it had infused Rs 1.46 lakh crore in the rural banking system during the current fiscal.

“As on February 28, 2020, Rs 87,069 crore has been extended to cooperative banks and regional rural banks in short-term refinance. In addition, long-term refinance of Rs 59,502 crore has also been provided to these banks as well as other financial institutions,” it said.

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