Financial Daily from THE HINDU group of publications
Wednesday, Oct 09, 2002
Financial Daily from THE HINDU group of publications Wednesday, Oct 09, 2002 |
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Money & Banking
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Farm credit Agri-Biz & Commodities - Agricultural Institutions Nabard cuts refinance rates Our Bureau
MUMBAI, Oct. 8 KEEPING in view the drought situation in the country, the National Bank for Agriculture and Rural Development (Nabard) is to offer refinance at a concessional rate of 7 per cent per annum to all banks for financing minor irrigation investments. These include commercial banks, regional rural banks, State co-operative agricultural and rural development banks, primary co-operative banks and agricultural development finance corporations. The refinancing rate had been reduced by 50 basis points in order to improve productivity of water resources and water use efficiency, said a press release. For the year 2002-03, the national bank has allocated nearly Rs 1,100 crore of refinance support for the minor irrigation sector.
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