NABARD provides financial assistance of Rs 12,491 cr to Punjab for FY22

The National Bank for Agriculture and Rural Development said on Thursday that it had provided unprecedented financial support of Rs 12,491 crore to Punjab for the financial year 2021-22. Nabard has supported the state government in the creation of rural infrastructure through various concessional funds such as the Rural Infrastructure Development Fund (RIDF), the Micro-Irrigation Fund (MIF), the warehousing infrastructure (WIF), etc. refinancing for agriculture and rural development. Chief Managing Director, Rajiv Siwach, said that in the year 2021-2022, Nabard sanctioned an unprecedented RIDF aid of Rs 823 crore, representing a 46% year-on-year growth. other.

“This includes 63 rural drinking water projects, upgrading of a milk processing unit, drainage and storage projects,” Siwach said in an official statement.

Additionally, Nabard made a record disbursement of Rs 765 crore, a 28% year-on-year increase in 2021-22.

”The implementation of these projects will provide drinking water to 15.15 lakh of the population across the state, processing of 2 lakh liter of milk per day, 3,593 additional classrooms, rehabilitating state of waterlogged area of ​​28,672 hectares and construction of 1.25 lakh metric ton of storage capacity,” Siwach said.

The director said that Nabard has extended its refinancing support of Rs 11,636 crore to state co-operative banks, Punjab Gramin Bank, commercial banks and other agencies for financing agricultural operations of farmers and farmers. rural businesses. The lender has released Rs 7.29 crore for development activities in the state. With a focus on diversification, Farmer Producer Organizations (PPOs) in the fisheries and dairy sectors have been formed. Siwach said, “Punjab is experiencing a falling water table as 109 out of 138 blocks are placed in an overexploited category, causing a severe water crisis in India’s grain bowl.”

To deal with groundwater depletion in the state, a micro-irrigation fund has been operationalized with a penalty of Rs 150 crore, he said.

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