Corporate Times

NABARD achieves record 152% of Odisha targets, disburses Rs 17195 crore

Leading e-magazine Bhubaneswar Odisha

NABARD’s Odisha regional office has achieved a record performance during 2017-18. The total financial support to the State Government, Banks and Corporations crossed Rs. 17195 crore during the year. Developmental Financial Assistance by NABARD in the State of Odisha, which was Rs 8368 crore during 2015-16, more than doubled in a period of 2 years.

Over the years, Odisha has been one of the biggest beneficiaries under Rural Infrastructure Development Fund (RIDF) of NABARD, under which loans are extended to the State Government for critical rural infrastructure projects in sectors like Irrigation, Roads, Bridges, etc. Under RIDF, NABARD disbursed concessional loan of Rs 2,512 crore to Government of Odisha during 2017-18. During 2017-18, NABARD extended financial assistance of Rs 1,044 crore towards completion of 8 mega irrigation projects under a dedicated fund, called Long Term Irrigation Fund (LTIF).

NABARD has been providing liquidity support by way of Short Term Refinance to Cooperative Banks and RRBs for meeting the credit needs of farmers for their agricultural operations at subsidized rates of interest. During 2017-18, refinance for short term loans to the tune of Rs. 7,930 crore was disbursed to the Cooperative Banks in the State.

To promote capital formation in agriculture, NABARD disbursed Long Term Refinance of Rs. 804 crore to Commercial Banks, Odisha State Cooperative Bank and one MFI during the year. Besides, Rs. 56 crore was extended on soft terms to the Odisha State Cooperative Bank under LTRCF (Long Term Rural Credit Fund), a dedicated fund instituted by Government of India in NABARD.

To supplement the efforts of banks in the State for supporting various activities connected with agriculture, NABARD has also started a direct lending window. Under this facility, an amount of Rs. 4585 crore was disbursed to the Odisha State Civil Supplies Corporation for its paddy procurement operations, during the year 2017-18.

In a briefing to mediapersons, K C Panigrahi, chief general manager, NABARD said, “This is a record performance by the bank and our best in the country. There is huge appetite for credit in Odisha”.

NABARD continued to support various developmental and promotional interventions in the state in partnership with NGOs and other developmental institutions. During the year, 5 Watershed Development Projects were sanctioned for implementation in the State. Cumulatively, a total of 109 watershed projects are under implementation in the State, as at the end of March 2018, with financial assistance of Rs. 50.34 crore and benefitting 24,000 families and an area of nearly 83,000 Ha. Of the total 109 watershed projects under implementation, NABARD has made co-funding arrangements with the Corporates in case of 27 projects. Further, in collaboration with KFW, NABARD has sanctioned financial assistance of Rs 1.76 crore for implementation of 18 climate proofing projects in completed/near completed watersheds in 4 districts of the State.

As a part of the green initiatives, the maiden project under GCF (Green Climate Fund) having financial outlay of about Rs 220 crore has been sanctioned in the State of Odisha. This project envisages recharging of ground water in 15 vulnerable districts of the State. Another climate change project with sanctioned outlay of Rs. 20 crore under NAFCC (National Adaptation Fund for Climate Change) is under implementation in Nuapada district, which envisages water management through checking surface run-off.

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