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RIDF disbursement doubled to Rs 600 cr last year, says NABARD’s Punjab office

Revealing this, regional office’s Chief General Manager Dr Rajiv Siwach added:"NABARD has provided all-time high financial support of Rs 12,108 crore in the state by registering a growth of 51 per cent over the disbursement during the previous year.

By: Express News Service | Chandigarh |
April 12, 2021 10:33:56 pm
"Rs 3,251 crore as long term (LT) refinance was given to support investment credit for rural activities through banks," the regional office’s Chief General Manager Dr Rajiv Siwach said. (Representative Image)

NABARD’s Punjab Regional Office has said that “with the active cooperation from state government, the rural infrastructure development fund (RIDF) disbursement was doubled to Rs 600 crore during the last year”.

Revealing this, the regional office’s Chief General Manager Dr Rajiv Siwach added:”NABARD has provided all-time high financial support of Rs 12,108 crore in the state by registering a growth of 51 per cent over the disbursement during the previous year.

Siwach said that NABARD sanctioned new projects with RIDF assistance of Rs 564 crore including smart school classes, rural roads & bridges, drinking water and sanitation, irrigation, health.

“In order to address the issue of depleting ground water in the state, Micro Irrigation Fund has been implemented in the state with sanction of Rs 150 crore benefitting about 26,000 hectares. Further, a Credit Facility was provided to state government owned federation ‘Milkfed (Verka)’ for liquidity support during the pandemic,” Siwach further said in a written statement.

“NABARD is directly supporting state government through various concessional funds like Rural Infrastructure Development Fund (RIDF), Micro Irrigation Fund, warehousing funds, etc. for creation of rural infrastructure. NABARD also provides refinance to Cooperative Banks, Regional Rural Banks, Banks and other agencies for financing farming and rural enterprises,” he said.

Siwach said that refinance support of Rs 11,311 crore was provided in the state by registering a growth of 48 per cent over the disbursements during the previous year. This includes short term (ST) refinance of Rs 8,061 crore for crop loan to farmers, of which Rs 6,416 crore were given to Cooperative Banks through Primary Agricultural Credit Societies.

“Rs 3,251 crore as long term (LT) refinance was given to support investment credit for rural activities through banks. The refinance also includes Rs 1,500 crore given to rural financial institutions (RFIs) under Special Liquidity Fund to ensure credit flow to the farmers for harvesting of rabi crop and sowing of paddy crop during COVID lockdown,” he added.

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