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Thursday, September 24, 2020

Ensured steady cash flow to farmers in Covid times: Nabard

Talking about UP, Chintla said that special liquidity assistance of Rs 1,835 crore was extended to UP Cooperative Bank, three RRBs and two microfinance institutions.

By: Express News Service | Lucknow | August 20, 2020 6:18:13 am
The loans extended to NBFC-MFls are in the form of an 18-month term loans. The RBI has been approached for additional Rs 5,000 crore for extending further assistance to these RFIs,” said Chintla. (File)

G R Chintla, chairman of the National Bank for Agriculture and Rural Development, on Wednesday said the lender had taken several measures to ensure unhindered flow of credit to financial institutions and farmers in the coronavirus times and was working towards achieving the Atmanirbhar dream — a recurring theme in Prime Minister Narendra Modi’s speeches to make India self-reliant.

Chintla said while launching the Atmanirbhar package announced by Union Finance Minister Nirmala Sitharaman. “Out of Rs 25,000 crore already allocated by RBI under Special Liquidity facility, NABARD has disbursed Rs 22,977 crore to 23 state cooperative banks and 27 RRBs, and Rs 985 crore to 9 MFIs (microfinance institutions) as front ended liquidity support to augment banks’ resources in financing farmers and to tackle liquidity crunch due to the pandemic. The loans extended to NBFC-MFls are in the form of an 18-month term loans. The RBI has been approached for additional Rs 5,000 crore for extending further assistance to these RFIs,” said Chintla.

Talking about UP, he said that special liquidity assistance of Rs 1,835 crore was extended to UP Cooperative Bank, three RRBs and two microfinance institutions.

 

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