NABARD pays Rs 12 767cr to State cooperative banks, RRBs for retrocessions to farmers; loans offered at 4.8% interest rate

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NABARD said that since the second half of March 2020, he has paid nearly 30,021 crore rupees to rural banks.

Bombay: The National Bank for Agriculture and Rural Development (NABARD) said on Tuesday it had disbursed 12,767 crore rupees to state cooperative banks and regional rural banks for loans to farmers.

The loans are offered for one year at an interest rate of 4.8%, NABARD said in a statement.

The loan was disbursed as part of a refinancing program by NABARD on its own resources and was granted this week, he said.

Representative image. Reuters

“An amount of Rs 12,767 crore was paid this week to StCB and RRB across the country in an attempt to increase their resources during the ongoing foreclosure conditions for granting credit to farmers,” NABARD said.

Last month, the Reserve Bank of India (RBI) announced that it would provide Rs 25,000 crore to NABARD for refinancing regional rural banks (RRBs), cooperative banks and microfinance institutions (MFIs).

The development finance institute said it would use the facility extended by the RBI when needed.

NABARD said that since the second half of March 2020, he has paid nearly 30,021 crore rupees to rural banks.

So far, it has extended refinancing to rural banks in 15 states, including Andhra Pradesh, Bihar, Chhattisgarh, Haryana, Karnataka, Kerala, Madhya Pradesh, Odisha, Tamil Nadu , Telangana, Uttar Pradesh and West Bengal.

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