Business Daily from THE HINDU group of publications
Thursday, Apr 19, 2007
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Business Daily from THE HINDU group of publications Thursday, Apr 19, 2007 ePaper |
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Rural Development Agri-Biz & Commodities - Agricultural Institutions Money & Banking - Farm credit More Nabard funds likely for non-farm sector Our Bureau
Mumbai April 18 In 2007-08, the National Bank for Agriculture and Rural Development (Nabard) plans to raise about Rs. 23,000 crore, almost double that raised last year, to fund the farm and non-farm sectors. Market borrowings of Nabard in 2006-07 were Rs 10,899 crore around 8.69 per cent as against about Rs 8,194 crore at about 5.6 per cent in 2005-06.
Balance sheet
The Nabard's balance sheet grew by about 20 per cent to Rs 81,000 crore during 2006-07 against 8 per cent-10 per cent annually while the net profit was marginally down on high cost market borrowings, said the Nabard Chairman, Dr Y.S.P. Thorat. "In 2007-08, we will speak with a six-figure balance sheet," said Dr Thorat. Nabard plans to increase its exposure to the non-farm sector to 30 per cent of advances, from 25 per cent. "Forty per cent of rural households are non-cultivator households, where financial exclusion is high and, therefore, our support to the non-farm sector by way of promotion and development initiatives are extremely critical," Dr Thorat said. Nabard is also thinking of raising funds overseas, said a senior official on the sidelines of a press conference. "The 3-way growth in the Nabard's balance sheet comes from investment credit which grew at about 4 per cent to Rs 34,748 crore, production credit which went up 53 per cent to Rs 14,758 crore and loans to the State Governments up 32 per cent to Rs 20,005 crore," he said.
Related Stories: More Stories on : Rural Development | Agricultural Institutions | Farm credit
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