Nabard frontloads Rs 20,500 crore financial assistance for pre-monsoon & Kharif operations

The banks have also initiated a programme of saturation of Kisan credit cardsMumbai: In an attempt to augment the resources of Cooperative banks and RRBs, Nabard has frontloaded financial assistance to these entities for their pre-monsoon Kharif operations. Of the Rs 20,500 crores that Nabard is providing the farmers, Rs 15,200 crore will be through cooperative banks and the balance Rs 5,300 crore will be through RRBs as special liquidity facility in various states.

The fund is given as a means of front loading the resources of these banks so as to ensure adequate liquidity with them for financing farmers. This is against Rs 5,000 crore lent during the first quarter of the last fiscal year. The banks have also initiated a programme of saturation of Kisan credit cards-KCC- and about 12 lakh new KCC cards have been issued by Cooperative banks and RRBs during the last two months. A total of 4.2 crore KCCs have been issued by Cooperative banks & RRBs as on 31 March 2020.

Source: indiatimes.com