Nabard's assistance to Odisha crosses Rs 100 bn by the end of Q3

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The rural development refinancing agency National Bank of Agriculture and Rural Development (Nabard's) developmental financial assistance to Odisha has crossed Rs 100 billion mark before the end of Q3 in the current financial year.

"During the last fiscal, Nabard had extended financial assistance to the tune of Rs 147.15 billion to the state government and the banks, an achievement of 150 per cent given. This year we aim to cross the last year's figure", K C Panigrahi, chief general manager, Nabard (Odisha regional office).

Under refinance channel, Nabard has so far extended Rs 486 billion to the cooperative banks for production of crops by about three million farmers in the state. Under the long-term refinance head, banks have availed credit support of Rs 6.24 billion, which have facilitated the creation of private sector farm assets.

For infrastructure creation, the bank has extended financial support to the tune of Rs 211.8 billion to the state government.

The financial assistance so extended by Nabard, is channelised by the state government for the creation of rural infrastructures like roads and bridges, lift irrigation projects, rural piped drinking water project, warehousing, and irrigation structures etc", said Nabard in a statement.

Of late, Nabard has started extending credit support to the Odisha State Civil Supplies Corporation (OSCSC) for procurement of paddy from the farmers in the state. Till date, Nabard has extended financial assistance of Rs 30.85 billion during the current financial year.

Since the inception of Rural Infrastructure Development Fund (RIDF) in 1995-96, Nabard has sanctioned cumulative financial assistance of about Rs 199.5 billion to the state government resulting in the implementation of about 224,000 projects.

As an impact, 9,700 km of roads, bridge having a total length of about 120 km and irrigation in 2.76 million hectares land have been created in the state out of RIDF funds, the bank said.