The total advances of National Bank for Agriculture and Rural Development (Nabard), the central refinance agency, is likely to touch Rs 51,500 crore in the current financial year.
This would include short-term credit (crop loans), long-term credit (investment loans) and credit under Rural Infrastructure Development Fund (RIDF), said Nabard Chairman U C Sarangi.
The short-term, long-term and RIDF credit in FY10 is estimated to be in the region of Rs 21,000 crore, Rs 12,000 crore and Rs 18,500 crore, respectively.
“Our non-performing assets (NPAs) is less than 1 per cent,” Sarangi, who was in town for a national seminar on microfinance recently, said.
Commenting on financial inclusion, he noted that almost 60 per cent of the rural population did not have access to banking and there was an urgent need to widen the ambit of banking from the present traditional set-up.
