Demonetisation: NABARD sanctions Rs 21,000 cr to district central co-op banks

Moneycontrol BureauIn a media interaction Economic Affairs Secretary Shakthikanta Das announced another set to measures to combat the distress resulting from the government’s demonetisation move.

National Bank for Agriculture and Rural Development (NABARD) has sanctioned Rs 21,000 crore to the District Central Co-operative Banks which will mitigate the farmers’ credit woes. Over 40 percent of small farmers get their crop loan credit from the co-operative institutions, said Das, in unveiling the move.

The sanction of money will enable banks to pass on and grant funds to the primary agricultural co-operatie societies and its network will activate and meet the credit requirements, he added.

On debit cards, charges being levied by banks and switching charges will stand waived, said the Economic Affairs Secretary.More to follow...