The National Bank for Agriculture and Rural Development (NABARD) on Tuesday 5th May, 2020 has disbursed ₹ 12,767 crore to State Cooperative Banks and Regional Rural Banks (RRBs) for on-lending to farmers.
NABARD said in a release that “The loans are being offered for one year at an interest rate of 4.8% and the loan has been disbursed under a refinance scheme by NABARD from its own resources and was given this week.”
In also addition, NABARD said that “An amount of ₹ 12,767 crore has been disbursed this week to State Cooperative Banks and Regional Rural Banks across the country in a bid to augment their resources during the ongoing lockdown conditions for extending credit to farmers.”
The Reserve Bank of India had announced last month to provide ₹ 25,000 crores to NABARD for refinancing RRBs, Cooperative Banks and Micro Finance Institutions (MFIs).
And the development finance institute is yet to disburse any amount from the RBI’s refinance window.
NABARD said that “Since the second half of March 2020. It has disbursed nearly ₹ 30,021 crore to rural banks.”
Andhra Pradesh, Bihar, Chhattisgarh, Haryana, Karnataka, Kerala, Madhya Pradesh, Odisha, Tamil Nadu, Telangana, Uttar Pradesh and West Bengal are some states where it has extended refinance to rural banks in so far.