NABARD disburses Rs 3.1 L crore

National Bank for Agriculture and Rural Development (NABARD) has disbursed Rs 3,10,849 crore as on January 31, 2021 for various rural infrastructure projects across the country since the inception of Rural Infrastructure Development Fund (RIDF) in 1995, a dedicated fund to create social assets in rural India.

This fund has constituted around 10% of Gross Capital Formation in the rural areas, informed Dr G R Chintala, Chairman, NABARD today.

“The increased allocations to the Rural Infrastructure Development Fund (RIDF) and Micro Irrigation Fund (MIF) at Rs 40,000 crore and Rs 10,000 crore respectively in the annual budget 2021-22 will help push rural infrastructure projects across the States,” said Dr Chintala.

He also maintained that the agriculture credit target of Rs 16.5 Lakh crore will help the agriculture and non-agriculture sectors access more funding from the banking systems.

Dr Chintala said, "The Budget has accelerated sustainable agriculture sector's growth by pegging an agriculture credit target of Rs 16.5 lakh crore”.

He further said, “The recapitalisation of Rs 2000 crore to NABARD and that of Rs 1200 crore to regional rural banks will help achieve the target of agriculture credit."