NABARD has entered into an agreement with the Andhra Pradesh Mahesh Co-operative Urban Bank Ltd for providing refinance for Agricultural and Rural Development activities in the state.
The Andhra Pradesh Mahesh Co-operative Urban Bank Ltd, which has its presence in three states-- Andhra Pradesh, Rajasthan and Maharashtra-- is the first Urban Cooperative bank to enter into such an agreement with National Bank of Agriculture and Rural Development, said a NABARD official release.
NABARD already has such arrangements with major Commercial Banks, Regional Rural Banks in the state and Andhra Pradesh State Co-Operative Bank, it said.
Refinance facilities from NABARD will encourage the financing bank to channelise institutional credit for diversified purposes under agriculture, agro-processing and allied sectors thereby contributing to rural prosperity.