Tamil Nadu: NABARD Releases Rs 492.90 Crore For Rural Infrastructure Development Projects

National Bank for Agriculture and Rural Development (NABARD) has released Rs 492.90 crore for covering various crucial rural development projects, reports The Hindu

As many as 310 rural infrastructure projects worth Rs 1,417.36 crore are being implemented in Tamil Nadu’s Salem district with NABARD's rural infrastructure development funds.

A Bhama Buvaneswari, Assistant General Manager of National Bank for Agriculture and Rural Development, in a release said that Rs 492.90 crore had been released as part of the projects covering vital development projects like drinking water, rural roads, bridges, cold storage, minor irrigation, rural education institutions and veterinary projects.

A cumulative amount of Rs 395 crore has been sanctioned so far by NABARD for 69 projects under the Rural Infrastructure Development Fund (RIDF) segment.

The RIDF loans cover various vital rural infrastructure projects, like rural roads and bridges, irrigation, schools and drinking water.

In Punjab, NABARD has provided all-time high financial support of Rs 12,108 crore by registering a growth of 51 per cent over the disbursement during the previous year (2020).

On 6 April, 2021, NABARD reported 24 per cent growth in its balance sheet to a record high of Rs 6,57,486 crore in the financial year 2020-2021 as compared to Rs 5,32,075 crore in financial year 2019-2020.

For fresh lending in financial year 2021-2022, Reserve Bank of India (RBI) will provide a special liquidity facility (SLF) of Rs 25,000 crore to NABARD for a period of one year to support agriculture and allied activities, the rural non-farm sector and non banking financial companies-microfinance institutions (NBFC-MFIs).