Haryana Cabinet approves renewal of block guarantee

CHANDIGARH: Haryana Cabinet which met under the Chairmanship of Chief Minister Manohar Lal Khattar here on Thursday accorded approval to the proposal regarding Renewal of Block Guarantee for Rs. 1000 crores for the flotation of Debentures/Loan raised by the Haryana State Cooperative Agriculture and Rural Development Bank Ltd.

The Haryana State Cooperative Agriculture and Rural Development Bank Ltd had submitted a proposal for renewal the standing State Government Guarantee of Rs. 1000 crore for the period of seven years i.e. from April 1, 2022 to March 31, 2029 for the flotation of Debentures/ Loans from NABARD as the current guarantee has expired on March 31, 2022.

The Haryana State Cooperative Agriculture and Rural Development Bank Ltd was established under the Haryana Cooperative Societies Act, 1984 and this Cooperative organization engaged in providing long-term credit investment to the farmers for the development of agriculture and allied activities in the state and it has to depend upon NABARD for the floatation of Debentures/ Loans for such credit limits/ loans. NABARD provides this facility against the Government Guarantee.

The Cabinet also accorded approval to the proposal regarding framing of the Service Rules, 2022, titled Transport Department Haryana (Group A) Service Rules, 2022.

In another decision, the State Cabinet under Chief Minister Manohar Lal Khattar also accorded approval to a proposal regarding amendment in Government Employees’ Conduct Rules, 2016- Rule 24 thereof.