nabard: NABARD strengthens its support for the rural economy of Jammu and Kashmir, Ladakh | Jammu News

JAMMU: In line with its vision and mission to foster rural prosperity, the National Bank for Agriculture and Rural Development (NABARD) has strengthened its support to various sectors of the rural economy for sustainable growth and development of union territories of Jammu and Kashmir and Ladakh in 2021-22.
According to the official spokesperson, NABARD has achieved an outstanding performance in sanctioning rural infrastructure development projects under the RIDF.
“Sanctions in the financial year 2021-22 were Rs 1,542 crore, representing an increase of 92.75% from last year. This will boost the rural economy in UTs and catalyze other sectors to see expansion.
“According to the support to farmers in their agricultural production activities, short-term refinancing of up to Rs 75.58 crore has been extended to them in 2021-22. To boost capital formation, a long-term refinancing of Rs 59.55 crore has also been extended to regional rural banks.
“Furthermore, as part of the additional emergency working fund for farmers under the Government of India’s Atma Nirbhar package, NABARD has extended cash support of Rs 150 crore to JKGB. An interest subsidy of Rs. 24.70 crores was also paid to RRBs and UT Cooperative Banks.
The spokesperson said, “During the year, an amount of Rs 460.49 lakh was sanctioned and Rs 216.35 lakh was disbursed for hosting activities such as FLC, vans of demonstration, micro vending machines, point of sale and various types of capacity building projects within the framework of financial inclusion initiatives”.
“In addition, NABARD supported 18 skills development programs on different trades involving 525 candidates were supported in 2021-22.”
“NABARD has sanctioned an aid of Rs 825.78 lakh for the promotion of 21 FPOs under the Central Sector Scheme (CSS) and 03 FPOs under the Producer Organization Development Fund (Interest Differential) in during the period. In order to strengthen the existing FPOs, several training programs and workshops were held at both UT and district levels.
“Similarly, 7 projects have been sanctioned under NABARD’s Agricultural Sector Promotion Fund to support innovative technologies, transfer projects such as domestic vertical expansion of saffron, promotion of lavender cultivation, making decorative items from sericulture waste, etc.,” the spokesperson said.
“In its commitment to the institutional development of RFIs under the STCSS, recapitalization assistance in the amount of Rs 255.71 Crore has been granted by the UT Government to three DCCBs (ACCB, BCCB and JCCB). NABARD has released the Central government’s share amounting to Rs 111.22 crore.
During the year, NABARD contributed Rs 1,892.73 crore under various components of the development program for Jammu and Kashmir which included infrastructure development, promotion of FPOs under of the central sector programme, promotion of SHGs and JLGs, support for registration of GIs, support for refinancing, Atmanirbhar bharat package, credit for extension of area under walnut, saffron and apple tree.

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