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NABARD increases aid to microfinance institutions

PUDUCHERRY: The National Bank for Agriculture and Rural Development (NABARD) has increased its corpus fund to provide capital assistance to microfinance institutions from Rs. 100 crore to Rs. 200 crore.

A release from NABARD said the Micro Finance Development Fund (MFDF) had been renamed as Micro Finance Development and Equity Fund (MFDEF) with a designated corpus of Rs. 200 crore.

The NABARD has provided microfinance to more than 30 lakh self-help groups (SHGs) and taking into consideration the emerging role of federations, has increased the corpus fund.

The SHG federations could get support for activities such as capacity building and problem solving, promoting special programmes to meet civic and developmental needs of SHG members, to facilitate safety net mechanism for the members and to provide training in skill development, the release said.

They could also avail themselves of the fund to market consumer products in rural areas and bulk buying of products at source for distribution among SHG members at competitive price.

The SHG federations and the NGOs promoting the federations could approach any of the NABARD Regional Offices situated at State capitals or their District Development Managers to get finance, the release said.

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