Nabard is not just a bank, but a mission: Amit Shah | India News
NEW DELHI: Union home and cooperation minister Amit Shah on Wednesday said Nabard is not just a bank but it’s a mission which can work together with cooperatives to strengthen the country’s rural economy in the next 25 years (Amrit Kaal) when India will complete 100 years of Independence.
Addressing the 42nd foundation day function of the National Bank for Agriculture and Rural Development, Shah said, “We cannot imagine an India without Nabard where 65% population resides in rural areas. In the last three decades, Nabard has served as the backbone of the nation’s rural economy, infrastructure, agriculture, cooperative organisations and self-help groups.”
The minister urged Nabard to fix targets for financing the agriculture sector and rural development during ‘Amrit Kaal’. He also spoke on multiple new measures which are being taken up by his ministry for strengthening cooperatives.
He also cited an example of a new scheme where cooperative banks have now started issuing Rupay Credit Cards to farmers. “Under this new scheme, we have identified two districts Banaskantha and Panchmahal in Gujarat in which district cooperative banks will issue credit cards to the members of cooperative societies. All the cooperative societies have been designated as ‘Bank Mitras’,” said the minister, adding that this will help the members avail loans at 2% to 3% interest rates.
Shah said Nabard, which is engaged in finance and refinance development activities in rural India, should fix its 25-year targets keeping in view its past performance and future requirements. These targets can be divided in parts with five years each to get it reviewed periodically, he added.
“Prime Minister Narendra Modi has asked all of us to set goals to be achieved when we complete hundred years of independence. But no other organization except Nabard can set the goals for the development of rural agriculture, the development of cooperative finance and the promotion of self-help groups and rural infrastructure,” said Shah.
Shah said Nabard, which is engaged in finance and refinance development activities in rural India, should fix its 25-year targets keeping in view its past performance and future requirements.
Addressing the 42nd foundation day function of the National Bank for Agriculture and Rural Development, Shah said, “We cannot imagine an India without Nabard where 65% population resides in rural areas. In the last three decades, Nabard has served as the backbone of the nation’s rural economy, infrastructure, agriculture, cooperative organisations and self-help groups.”
The minister urged Nabard to fix targets for financing the agriculture sector and rural development during ‘Amrit Kaal’. He also spoke on multiple new measures which are being taken up by his ministry for strengthening cooperatives.
He also cited an example of a new scheme where cooperative banks have now started issuing Rupay Credit Cards to farmers. “Under this new scheme, we have identified two districts Banaskantha and Panchmahal in Gujarat in which district cooperative banks will issue credit cards to the members of cooperative societies. All the cooperative societies have been designated as ‘Bank Mitras’,” said the minister, adding that this will help the members avail loans at 2% to 3% interest rates.
Shah said Nabard, which is engaged in finance and refinance development activities in rural India, should fix its 25-year targets keeping in view its past performance and future requirements. These targets can be divided in parts with five years each to get it reviewed periodically, he added.
“Prime Minister Narendra Modi has asked all of us to set goals to be achieved when we complete hundred years of independence. But no other organization except Nabard can set the goals for the development of rural agriculture, the development of cooperative finance and the promotion of self-help groups and rural infrastructure,” said Shah.
Shah said Nabard, which is engaged in finance and refinance development activities in rural India, should fix its 25-year targets keeping in view its past performance and future requirements.
