The Hindu Business Line : 'Banks must provide funds for rural development'

THE Managing Director of National Bank for Agriculture and Rural Development (Nabard), Mr Y.S.P. Thorat, has said that commercial banks in India are flush with funds, and the challenge before them is to convert the money into rural development schemes.

Speaking at a seminar on "White revolution in Udupi and Dakshina Kannada districts", jointly organised by the D.K. Milk Producers' Co-operative Union of Mangalore, Bharatiya Vikas Trust of Manipal and the Academy of General Education of Manipal, in Udupi , he said that there are nearly 15,000 branches of commercial banks and 14,000 branches of rural regional banks in India. If every branch takes up four rural development schemes worth Rs 5 lakh each, it will contribute a huge amount for rural development.

Stating that there is a need to plan a methodology for rural development, he said that the development model for rural sector must proceed from the grass roots level.

Referring to the migration of people from rural to urban areas in search of jobs, he said that there is need for employment generation in the rural sector.

On the role of co-operative sector in women empowerment in the country, he said that there are 74 women co-operatives under the D.K. Milk Producers' Co-operative Union itself. Nabard is also looking at turning around the co-operative sector in the country, he said.

He said that no government could ignore rural development and agriculture sectors in India. Therefore research and development activities in these sectors should be increased.

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