NABARD enhances commitment towards rural economy of JK, Ladakh
JAMMU: Aligning with its vision and mission “Development Bank of the Nation for fostering rural prosperity”, National Bank for Agriculture and Rural Development (NABARD) has enhanced support to various sectors of rural economy for sustainable growth and development of Union Territories of Jammu & Kashmir and Ladakh during 2021-22.
NABARD made a stellar performance in sanctioning projects for rural infrastructure development under RIDF. The sanctions during the financial year 2021-22 were Rs. 1542 crore representing an increase of 92.75% over the last year. This will spur the rural economy in the UTs and will catalyze other sectors to see expansion.
According to support the farmers in their agricultural production activities, Short Term Refinance to the tune of Rs.75.58 crore was extended to them during 2021-22. For boosting capital formation, Long Term Refinance of Rs.59.55 crore was also extended to the Regional Rural Banks.
Further, as part of Additional Emergency Working Capital for Farmers under Atma Nirbhar Package of Government of India, NABARD extended liquidity support of Rs 150.00 crore to JKGB. An interest subvention of Rs. 24.70 crore was also disbursed to RRBs and Cooperative banks in the UT.
During the year, an amount of Rs 460.49 lakh was sanctioned and Rs 216.35 lakh were disbursed towards hosting of activities such as FLCs, demonstration vans, Micro ATMs, PoS and various types of capacity building projects under Financial Inclusion initiatives.
Besides, NABARD supported 18 Skill Development Programmes on different trades involving 525 candidates were supported during 2021-22. NABARD sanctioned an assistance of Rs. 825.78 lakh towards promotion of 21 FPOs under Central Sector Scheme (CSS) and 03 FPOs under Producer Organization Development Fund (Interest Differential) during the period. In order to strengthen the existing FPOs, several training programs and workshops were organized both at UT and district level.
Similarly, 7 projects have been sanctioned under NABARD’s Farm Sector Promotion Fund to support innovative technology, transfer projects like Indoor vertical expansion of Saffron, Promotion of Lavender Farming, Making of Decorative items from Sericulture waste etc.
In its commitment towards institutional development of RFIs under STCSS, recapitalization assistance to the tune of Rs.255.71 crore has been released by the UT government to three DCCBs (ACCB, BCCB and JCCB). NABARD has released the Center government’s share amounting Rs.111.22 crore.
During the year, NABARD contributed Rs 1892.73 crore under various components of Development Package for Jammu and Kashmir which inter alia included Infrastructure Development, Promotion of FPOs under Central Sector Scheme, Promotion of SHGs and JLGs, Support for GI registration, Refinance Support, Atmanirbhar Bharat Package, Credit for area expansion under Walnut, Saffron and Apple.