Nabard cuts refinance rate for cooperative banks by 0.60%

The National Bank for Agriculture and Rural Development (NABARD) has reduced the interest rate on direct refinance to cooperative banks by up to 0.60 per cent.
"NABARD has reduced the rate of interest on direct refinance assistance to cooperative banks on short-term multipurpose credit products," it said in a statement issued today.
Accordingly, the rate comes down to 10 per cent from the earlier 10.50 per cent, it said.
For drawals above Rs 50 crore, the rate is 0.10 per cent lower at 9.9 per cent, it added.