The government-run National Bank for Agriculture and Rural Development (Nabard) did business worth a record Rs 1.36 lakh crore in 2009-10 (long-term and short-term refinancing, plus funding under Rural Infrastructure Development Fund), while its current loans crossed Rs 1 lakh crore.
The financial institution has appointed The Boston Consulting Group to prepare a roadmap for the future. A senior bank official told Business Standard, “Nabard has performed well despite the economic mayhem worldwide. This clearly proves the bank is gearing up to become a more effective organisation.”
The volume of business operations grew from Rs 81,220 crore in 2006-07 to Rs 98,700 crore in 2007-08, Rs 1.19 lakh crore in 2008-09 and Rs 1.36 lakh crore in 2009-10. The growth in 2009-10 was around 14 per cent over the previous year. According to the official, Nabard’s production credit department achieved the highest-ever disbursements of Rs 23,849 crore in 2009-10, while the investment credit department achieved its target of Rs 12,000 crore.
“Disbursements under Rural Infrastructure Development Fund (RIDF) have been Rs 18,888 crore. Our outstandings under RIDF have now crossed Rs 60,000 crore, which will ensure steady flow of income for the years to come,” he said. Managing Director KG Karmakar said the institution’s net surplus would exceed Rs 1,600 crore for 2009-10. He called upon employees to work hard to maintain growth, productivity and profitability in 2010-11.