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Thursday, Oct 06, 2005

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Plea to retain DFI status of Nabard

Our Bureau

Thiruvananthapuram , Oct. 5

THE meeting of the national council of the National Bank Officers' Association, which represents officers of National Bank for Agriculture and Rural Development (Nabard), has said that the development financial institution status of Nabard must be maintained.

The two-day national council meeting here resolved that any attempt to change the status of Nabard would be resisted, said a press release issued by the National Bank Officers' Association (NBOA).

The meeting also resolved that the public sector character of Nabard , with shareholdings by the Government of India and Reserve Bank of India, should be retained. Any move to change the bank's ownership pattern would be opposed, the release added.

By another resolution, it was decided to ask the Government of India to make arrangements to provide concessionary funds to Nabard. This in turn will make it possible for Nabard to provide credit to farmers at lower interest rates that are comparable with the rates on other loans such as consumer and housing loans.

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