Government Raises NABARD’s Authorised Capital to ` 300 billion

As part of the drive to double the income of farmers by 2022, the government has raised the authorised capital of NABARD by six times from 50 billion to Rs 300 billion to help it increase its lending to the rural economy. The increase in authorised capital will enable Nabard to respond to commitments it has undertaken, particularly in respect of the Long Term Irrigation Fund and on-lending to cooperative banks. The government in the Budget had enhanced the corpus of the Rural Infrastructure Development Fund (RIFD) to Rs 280 billion with an overall objective of doubling farmers income by 2022. Nabard is the main agency for implementing RIFD scheme. Harsh Kumar Bhanwala is the Chairman of NABARD. It headquarters in Mumbai, Maharashtra.

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