The disbursement of loans by National Bank for Agriculture and Rural Development (Nabard) to Odisha Government annually increased by 40%, said officials of Nabard, an institutional credit agency for boosting rural economy.
The agency disbursed Rs 31,786 crore of loans in Odisha during the 2021-22 fiscal, an increase of 40 per cent over the previous year, they said.
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The financial support comprised Rs 14,077 crore to banks for lending towards crop and term loans, and Rs 3,031 crore to the state government under the Rural Infrastructure Development Fund (RIDF). The support under the RIDF to Odisha is the “highest in the country”.
Nabard has disbursed Rs 14,485 crore for supporting paddy procurement operations in the state in Financial Year 22, according to the officials.
It sanctioned an assistance of Rs 4,013 crore for the construction of 243 new rural roads, 263 bridges, a medium irrigation facility, 9,836 minor irrigation and six flood protection projects, as well as nine initiatives, which are expected to provide clean and safe drinking water to 17 lakh rural population across the state.
Nabard is implementing 69 tribal development projects, supporting horticulture-based livelihoods on 46,000 acres and benefiting more than 50,000 tribal families in 24 districts at present, according to the officials.
A grant of Rs 34 crore was provided to banks to expand banking touchpoints in rural areas and for creating awareness of financial inclusion, they said.
In the current fiscal, the development bank is committed to increase its support to the state government for creation of more rural infrastructure.
It will focus on the integrated development of rural livelihoods on a large scale in Odisha, they added.
