National Bank of Agriculture and Rural Development( Nabard) announced a scheme of refinance( Rs 5000 crore) for banks and financial institutions. The refinance scheme is providing backing to the beneficiaries of its 2,150 watershed development projects. Another Rs 5000 crore was allocated by development finance institution for Primary Agricultural Credit Societies (PACS), building blocks of nation’s cooperative banking structure in numerous service centres.
First ‘Digital Choupal’ of Nabard was organised on Monday to mark its 39th foundation day. Within the move which increase the beginning of economic activities in areas struggling with relocation concessional bank refinance to tune of Rs 5000 crore are allocated to banks and financial institutions for lending to beneficiaries of 2,150 watershed development project.
The project of watershed, tribal development project and rainfed areas covers 23.4 hectares. From 2020-21 to 22022-23 i.e. for three years concessional line of assistance are going to be available.
Nabard introduced a scheme for computerisation of PACS. This scheme will enable the ground level entities. It has reserved Rs 5,000 crore during FY21 for transforming PACS into multi service centres, which are one-stop shops for meeting the shifted needs of the farmers.
Under this activity, Nabard stated, help will be reached out to each state which should contribute a coordinating sum, to launch the procedure of computerization of PACS. About 5,000 PACS will be redesigned for the current year followed by 15,000 PACS in FY22 and 15,000 PACS in FY23.
PACS can help farmers in collecting and activities like marketing along with important roles in the physical and money related supply of products by playing as spokes to the upcoming Gramin Agriculture Markets (GrAMs),” Nabard’s recently named Chairman G R Chintala said.
These transformed PACS can be vehicles for opening opportunities for investing and also for rural youth in farming, including those affected by relocation in the during COVID-19 pandemic
Nabard, conducted Digital Choupal, a video conference, with members of various projects started by them, to share their experiences of the projects associated with them.
In the video conference the members will be from seven activities – Rural Livelihoods Matter Immensely, Empowering Tribal Communities, Direct Marketing to Urban Consumers, Climate Proofing of Koutuguda and Collectivisation of Weavers, Climate Resilience, Soil Health is Real Health.
