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NABARD to raise Rs. 4,000 crore

NEW DELHI: Announcing initiatives on the Prime Minister’s package for revival of rural economy, the National Bank for Agriculture and Rural Development (NABARD) said on Friday that it would raise Rs. 4,000 crore by March 2008 to refinance its short-term and long-term rural development projects.

For the Bharat Nirman programme, NABARD has opened a separate window under the rural roads component of the programme, for which Rs. 8,000 crore have been sanctioned till date, including disbursal of Rs. 900 crore. “We have so far raised Rs. 14,000 crore from the market at an average interest rate of 9.2 per cent, which is higher than the 8.9 per cent lending cost last year,” NABARD Chairman and Managing Director K. G. Karmakar told newspersons here on Friday.

Releasing the half-year financial results, he said that during the first half, income from banking operations stood at Rs. 1,364.53 crore compared with Rs. 1,106.91 crore for the corresponding period last fiscal. Gross surplus, before making provision for taxation, stood at Rs. 296.57 crore as on September 30, 2007, compared with Rs. 214.63 crore in the same period during 2006 -07. As on September 30, 2007, NABARD had sanctioned a capital support by way of soft loans amounting to Rs. 4.50 crore to five micro-finance Institutions (MFIs). The bank has also provided revolving fund assistance of Rs. 7.05 crore to three MFIs, he added.

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