NABARD strengthens its commitment to the rural economy of Jammu and Kashmir, Ladakh – Jammu Kashmir Latest News | Tourism

Penalties Rs 1542 cr under RIDF in 2021-22 registering an increase of 92.75% over last year

JAMMU, 17 MAY: Aligning with its vision and mission “Nation’s Development Bank to Foster Rural Prosperity”, the National Bank for Agriculture and Rural Development (NABARD) has strengthened its support to various sectors of rural economy for sustainable growth and development of the union territories of Jammu and Kashmir and Ladakh in 2021-22.
NABARD has achieved outstanding performance in sanctioning rural infrastructure development projects under the RIDF. The penalties in the financial year 2021-22 were Rs. 1,542 crores 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 stimulate capital formation, a long-term refinancing of Rs 59.55 crore has also been extended to regional rural banks.
Additionally, 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 150.00 crore to JKGB. An interest subsidy of Rs. 24.70 crores was also paid to RRBs and UT Cooperative Banks.
During the year, an amount of Rs 460.49 lakh was sanctioned and Rs 216.35 lakh was disbursed for hosting activities such as FLCs, Demonstration Vans, Micro ATMs, outlets and various types of capacity building projects as part of financial inclusion initiatives.
In addition, NABARD supported 18 skills development programs on different trades involving 525 candidates were supported in 2021-2022. NABARD sanctioned assistance of Rs. 825.78 lakh for promotion of 21 OPAs under Central Sector Scheme (CSS) and 03 OPAs under Producer Organization Development Fund (Interest Differential) during the period. In order to strengthen the existing FPOs, several training programs and workshops have been organized both at UT and district level.
Likewise, 7 projects have been sanctioned under the NABARD Agricultural Sector Promotion Fund to support innovative technologies, transfer projects such as domestic vertical expansion of saffron, promotion of lavender cultivation, manufacturing decorative items from sericulture waste, etc.
In its commitment to the institutional development of RFIs under the STCSS, recapitalization assistance of Rs 255.71 million has been released by the UT Government to three DCCBs (ACCB, BCCB and JCCB). NABARD has released the Centre’s government share amounting to Rs.111.22 crore.
During the year, NABARD contributed Rs 1892.73 crore under various components of development program for Jammu and Kashmir which included infrastructure development, promotion of FPOs under central sector program , promotion of SHGs and JLGs, support for GI registration, support for refinancing, Atmanirbhar Bharat Package, Credit for the expansion of the area under Walnut, Safran and Apple.

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