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Thiruvananthapuram, June 29

The National Bank for Agriculture and Rural Development (Nabard) has sanctioned a short-term refinance assistance of Rs 244.75 crore to the two regional rural banks (RRBs) operating in Kerala for 2007-08. Of this, the South Malabar Gramin Bank will get Rs 166.75 crore and the North Malabar Gramin Bank Rs 78 crore, according to Mr Bhawar Puri, Chief General Manager, Nabard. The assistance is meant for supporting RRBs to extend short-term seasonal agricultural operations l oans to the farmers for a total of Rs 198.15 crore at an interest rate of 4.5 per cent. The balance amount of Rs 46.60 crore will be for extending working capital requirements for production and marketing activities of rural artisans, village and cottage industries in the tiny sector and for financing of weaker sections engaged in trade/business/ services activities, Mr Puri said. –

Our Bureau

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