The National Bank for Agriculture and Rural Development (Nabard) is targeting a total financial assistance valued at over Rs 1,000 crore under various schemes in Kerala during the current financial year, which would be a growth of 16.68 per cent over Rs 857 crore achieved in 2002-03.
This would include credit to the Kerala government for Rural Infrastructure Development Fund, refinance disbursement to the state financial institutions and regional rural banks as well as microcredits to more than 10,000 new self help groups in the state, according to Nabard chief general manager for Kerala B S Shekhawat.
Shekhawat, who was speaking on the eve of the 21st anniversary celebrations of Nabard, said that while short-term investment credits of Rs 315 crore has been earmarked for the plantation sector and under the poverty alleviation programmes, credit to the tune of Rs 367 crore would be disbursed to the regional rural banks for financing crop production and promoting marketing activities of weavers, artisans and coir workers.
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The bank is hopeful of mobilizing resources of more than Rs 15 crore in the state through its capital gains bonds from the urban areas for eventual investment in the rural areas.
Nabard bonds besides offering attractive interest rates also provides exemption of capital gains tax, he added.