Nabard extends Rs 970 cr financial support to JK

Nabard has extended Rs 970 crore financial assistance to Jammu and Kashmir during FY 2014-15 for the development of infrastructure, agriculture and allied sectors.

“During the financial year 2014-15, the National Bank for Agriculture and Rural Development’s support to Jammu and Kashmir reached a new peak of Rs 970 crore by way of refinance to banks, Rural Infrastructure Development Fund (RIDF) assistance and grant to banks, NGOs, KVKs and SKUAST,” Shankar A Pande, Chief General Manager, Nabard (J&K), told said.

Lauding the state for “better performance” despite facing floods last year, Pande said, “J&K is doing better than many other states in the country as far implementation of the schemes in concerned”.

“Of Rs 970 crore, Nabard extended aggregate refinance support of Rs 602.12 crore to commercial banks and Regional Rural Banks (RRBs) in the state,” he said, adding that this includes long-term refinance support of Rs 503.62 crore to the banks for financing agriculture and rural enterprises for creation of productive assets for sustainable growth.

Pande said, “Nabard also extended financial support of Rs 98.50 crore to Regional Rural Banks (JKGB and EDB) for extending crop loans through KCC to farmers.” In order to increase the credit flow in agriculture sector, Nabard, a statement here said, also launched Area Development Schemes (ADS) in five districts namely Jammu, Kathua, Samba, Rajouri, & Doda under which various banks are expected to finance dairy development activities.