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Nabard plans Rs 500cr fund for the poor

A technology fund has also been set up in order to improve the inclusion through the usage of technology and the adoption of Business Correspondent Model.

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MUMBAI: The National Bank for Agriculture and Rural Development will extend the frontiers of financial inclusion through a Rs 500 crore fund created specifically to improve credit absorption level among vulnerable sections of the society.

“We aim to provide the bank branches with farm advisory services, financial information services, technical inputs and marketing knowledge,” chairman Y S P Thorat said.

A technology fund has also been set up in order to improve the inclusion through the usage of technology and the adoption of Business Correspondent Model.

Meanwhile, higher borrowing cost impacted the Nabard's profit, which stood at Rs 1,128 crore during 2006-07, marginally lower than the previous year. However, Nabard's balancesheet jumped 20 per cent to Rs 81,000 crore in FY07 as compared to Rs 67,705 in the previous fiscal.

“Nabard would like to cross the six figure mark of Rs 1 lakh crore in the current year, which also happens to be the 25th year of operation for the institution,” Thorat said.

During the year, Nabard in collaboration with NDDB plans to launch a National Dairy Plan to support activities pertaining to milk production, handling, processing and marketing in 325 districts across the country.

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