Post News Network
Bhubaneswar, April 8: Development finance bank, National Bank for Agriculture and Rural Development (NABARD) has extended Rs 3,000 crore of financial support to the state during last financial year under the Rural Infrastructure Development Fund (RIDF).
According to the development finance bank, total sanctions by Nabard stood at Rs 8,800 crore in FY16.
“Total sanctions in the state under the categories of loans to state government refinance support to banks and direct loans were Rs 8,800 crore and against these sanctions, it disbursed Rs 8,367 crore to the state government, banks, corporations and other agencies like NGOs and producers’ organisations,” the bank said in a release.
On financing support for infrastructure, the bank noted that under RIDF-XXI, Rs 3,000 crore of loan was extended for creation of critical infrastructure like irrigation, roads and bridges, which was 15 per cent higher than the previous fiscal.
“Similarly, disbursements under various tranches of RIDF reached an all-time high of Rs 2,264 crore, registering an increase of about 45 pc over the previous year,” it said.
Under the newly created Warehouse Infrastructure Fund created during 2014-15, NABARD has sanctioned Rs 1,077 crore under WIF to the state government for construction of 3,725 rural godowns in the Primary Agriculture Cooperative Societies ( PACS) located across various districts.
On refinancing, the development finance bank said refinance for short terms loans of Rs 4,200 crore were sanctioned and disbursed to the Orissa State Cooperative Bank during 2015-16. NABARD also disbursed long-term refinance of Rs 512 crore to commercial banks, Orissa State Cooperative Bank and one microfinance institution during the year.