NABARD sanctions Rs 1,050 crore credit support to West Bengal

The NABARD has already disbursed an amount of Rs 720 crore to state cooperative and regional rural banks, an official said, adding that disbursements to MFIs will commence shortly.

Kolkata: The National Bank for Agriculture and Rural Development (NABARD) has sanctioned credit of Rs 1,050 crore in the current fiscal so far to West Bengal for benefit of farmers and poor people in rural areas, an official said on Friday.

The credit support under special liquidity facility (SLF) will be extended to state cooperative banks, regional rural banks and micro-finance institutions (MFIs), he said.

The NABARD has already disbursed an amount of Rs 720 crore to state cooperative and regional rural banks, he said, adding that disbursements to MFIs will commence shortly.

The lender has sanctioned Rs 300 crore for MFIs, Rs 700 crore for state cooperative banks and Rs 50 crore for regional rural banks.

The development bank said the credit flow to the rural sector of the state is extreme important to sustain agricultural operations as the economy has been hit by COVID- 19 outbreak.

The credit flow will provide relief to the farmers in the upcoming kharif season, he said.