mandi bhav of india

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Nabard will pay 1.2 billion rupees in crop loans

In a bid to support agri sector amid COVID-19 crisis, National Bank for Agriculture and Rural Development on Thursday said it aims to disburse Rs 1.20 lakh crore crop loan to farmers for meeting production expenses this fiscal.

Apex agriculture financial institution Nabard annually disbursed Rs 90,000 crore crop loan at a concessional rate.

“It has been enhanced to Rs 1.20 lakh crore this fiscal. Of this, Rs 40,000 crore has already been disbursed,” National Bank for Agriculture and Rural Development (Nabard) Chairman G R Chintala said.

Speaking at CII event, he said, the pandemic saw a paradigm shift in the functioning of the agriculture sector, and with the help of Rs 1 lakh crore Agriculture Infrastructure Fund under the Atmanirbhar Bharat package will foster infrastructure for the sector.PTI