Nabard chief insists on strengthening the IT infrastructure of cooperative banks and diversification of loans

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Bhubaneswar, Sep 20 (PTI) Strengthening the IT infrastructure of cooperative banks, improving agricultural term loans and diversifying the credit portfolio are important factors in making them relevant and sustainable in the long term, said Monday the president of Nabard, GR Chintala.

The head of the National Bank for Agriculture and Rural Development visited the Odisha State Cooperative Bank and addressed the CEOs of all central cooperative banks in rural districts of the state.

Chintala focused on increasing the share of cooperative banks in agricultural loans.

He opened a strategic workshop-meeting in Bhubaneswar during the day and advised participants to help more rural entrepreneurs start and grow their businesses, according to a statement.

He pointed out that the women entrepreneurs received loans from Annapurna Finance, an NBFC, supported by Nabard.

The meeting of the lender’s micro-credit innovations department brought together officials from 15 states.

He also inaugurated a business diversification and product innovation unit established at the Odisha State Cooperative Bank.

Meanwhile, State Finance Minister Niranjan Pujari and Principal Secretary (Finance) had a meeting with the head of Nabard.

They discussed the status of various state financial institutions, the statement said, adding that the head of Nabard assured them of cooperation with the state government in building a healthy financial ecosystem.

Later that day, the regional office of the development bank in Odisha held a conclave on agricultural sector initiatives in the state.

Chintala has initiated various projects for farmers belonging to tribal communities and members of women’s self-help groups.

He delivered letters of sanction to the project executing agencies in the predominantly tribal districts of Mayurbhanj and Gajpati.

Chintala has also launched a dedicated sweet potato production and marketing project at Pottangi in Koraput and said it will help farmers diversify their products. PTI HMB BDC BDC

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