163 agri credit societies in Karnataka get AIF funding

Our Bureau Bengaluru | Updated on August 10, 2020 Published on August 10, 2020

The Agriculture Ministry and the National Bank for Agriculture and Rural Development (Nabard) has identified 163 Primary Agricultural Credit Societies (PACs) in Karnataka, in the first phase, for creation of infrastructure with Nabard’s concessional refinance and providing interest subvention under the recently-launched Agriculture Infrastructure Fund (AIF).

Niraj Kumar Verma, Chief General Manager, Karnataka Regional Office, Nabard, said “Karnataka is one of the first States for formal launch of AIF and the net interest to PACs works out to be 1 per cent.”

The ₹1-lakh crore AIF was launched on August 9 by the Prime Minister and he interacted with a few members of Ugane PACs in Hassan district through video conference.

According to Verma, Karnataka is one of the three States in the country which has been selected by the Prime Minister’s office for formal launch of this fund through Nabard Regional Office of Karnataka.

He added that Nabard handed over the in-principle sanction amount to these 163 PACs identified under Agriculture Infrastructure Fund (AIF) and conversion to Multi Service Centre under Nabard’s ‘Special Refinance Facility- Transformation of PACs as Multi Service Centres.’

Karnataka Additional Chief Secretary Agriculture Rajkumar Khatri, along with Verma, handed over the cheque to State Co-operative Bank CEO Venkataswamy.

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Published on August 10, 2020
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