Latest News | Nabard Provides Record High Financial Support to Punjab in FY22

Chandigarh, May 5 (PTI) National Bank for Agriculture and Rural Development on Thursday said it has provided an all-time high financial support of Rs 12,491 crore to Punjab for fiscal 2021-22.

Nabard has been supporting the state government in the creation of rural infrastructure through various concessional funds like Rural Infrastructure Development Fund (RIDF), Micro Irrigation Fund (MIF), Warehousing Infrastructure Fund (WIF), etc and refinance support to rural financial institutions by way of refinancing for agriculture and rural development.

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Chief General Manager Rajiv Siwach said during the year 2021-22, Nabard sanctioned an all-time high RIDF assistance of Rs 823 crore, a 46 per cent year-on-year growth.

"This includes 63 rural drinking water projects, modernisation of a milk processing unit, drainage and warehousing projects," Siwach said in an official statement.

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Further, Nabard has made a record disbursement of Rs 765 crore, a 28 per cent year-on-year increase in 2021-22.

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

The manager said that Nabard extended refinance support of Rs 11,636 crore to state cooperative banks, Punjab Gramin Bank, commercial banks and other agencies for financing agriculture operations of farmers and rural enterprises.

The lender released Rs 7.29 crore for developmental activities in the state. With an emphasis on diversification, farmers' producer organisations (FPOs) in the fisheries and dairy sectors formed.

Siwach said, "Punjab is experiencing a declining water table as 109 blocks out of 138 are placed in an over-exploited category, causing a severe water crisis in the grain bowl of India".

To address the depleting groundwater in the state, a micro-irrigation fund has been operationalised with a sanction of Rs 150 crore, he stated.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)