National Bank for Agriculture and Rural Development (NABARD) today said it expects 25 per cent increase in its sanctions for the Rural Infrastructure Development Fund in Assam to Rs 600 crore during 2014-15.
Accordingly, NABARD is aiming to double the disbursal of funds under the Rural Infrastructure Development Fund (RIDF) to Rs 250 crore in the current fiscal.
"We are expecting an increase in sanctions for different RIDF projects in Assam. We are targeting to sanction Rs 600 crore for 2014-15 compared to Rs 481 crore in last fiscal in the state," NABARD Chief General Manager Arun Sandilya told reporters here.
NABARD had sanctioned Rs 211 crore during 2012-13 financial year to the North Eastern state, he added.
"Accordingly, we are also targeting to ramp up our disbursement under RIDF to Rs 250 crore in this fiscal from Rs 126 crore in last financial year," Sandilya said, the organisation had disbursed Rs 251 crore in FY'13.
Cumulatively so far, NABARD has sanctioned Rs 2,945.55 crore for 2,091 projects in Assam as on March 31, 2014.
The cumulative sanctions under all tranches in NE region under the RIDF accounted for Rs 7,983.32 crore for 3,185 agri-related, irrigation, power, road, bridge and social sector projects till March 31 this year.
NABARD Chief General Manager (Business Initiative Department) R Amalorpavanathan said its refinancing business in NE stood at Rs 387.38 crore during 2013-14 as against Rs 1,02,089 crore for the entire country.
Emphasising the thrust in NE, he said NABARD has set up a zonal consultancy centre in Guwahati, the third one after its head office in Mumbai and New Delhi.
"For a new thrust and focus on the development of the NE, NABARD has recently set up a new zonal office of NABARD Consultancy Services (NABCONS) in Guwahati that looks after the entire region.
Among other, its function is to monitor and evaluate the projects financed by us," Amalorpavanathan said.
NABCONS is a wholly-owned subsidiary and is engaged in providing professional advisory services in all spheres of agriculture, rural development and allied activities.
Without giving details, Amalorpavanathan said NABARD is currently holding discussions with National Dairy Development Board for expanding dairy projects across the country.
Besides, Sandilya said the board of the State Level Bankers' Committee of Assam had last week approved a credit limit of Rs 5,176 crore for agriculture in 2014-15, a rise of 13 per cent over Rs 4,564 crore in last fiscal.
"Out of the approved limit this fiscal, Rs 3,340 crore is for short-term crop loans and Rs 1,836 crore for long-term loans," he added.