NABARD to provide Rs 30,000 crore credit to farmers for irrigation

State-run National Bank for Agriculture and Rural Development (NABARD) has set a target of providing 30,000 crore rupees as credit to farmers for irrigational purpose.

It was announced by Bank’s Chairman and Managing Director Dr. Harsh Kumar Bhanwala in Mumbai on the occasion of 34th Foundation Day of NABARD.

This credit will be provided over the next three years i.e. till 2018 and for this NABARD already has sanctioned 1,000 crore rupees.

This funding will be in addition to the government’s 50,000 crore rupees of loans to farmers over the next five years (till 2020) under the Pradhan Mantri Krishi Sinchai Yojana (PMKSY).

Besides, it was also announced that NABARD has been accredited as the national implementation agency for climate change at the rural level by the Green Climate Fund (GCF).

It should be noted that, NABARD is only the banking entity from South Asia to be shortlisted for the purpose by GEF. The World Bank and Asian Development Bank among others are the 20 such entities which have already been shortlisted.

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