NABARD observes foundation day

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IMPHAL, July 12: National Bank for Agriculture and Rural Development today observed its 30th Anniversary with a simple function at the Manipur Press Club.

The function was held with Manipur Rural Bank Chairman, Monalith Dev, NABARD Manipur Regional Office General Manager NC Pani, Institute of Cooperative Management Principal, Kh Somorendro and NABARD, Manipur Officer in charge SV Nemlekaron the dais.

A booklet on the developmental and promotional projects in Manipur was also released during the function by Monalith Dev, NC Pani and Kh Somorendro.

NC Pani said NABARD was set up in 1982 as a refinancing agency with the main objective of bringing credit development system and infrastructure development in rural areas.

He continued that the agency has achieved a lot of milestones in its 30 years of existence.

NC Pani said NABARD, Manipur Regional Office which was set up in the year 1982 has provided various facilities like Kishan credit flow promotion and development of agriculture, small-scale industries, cottage and village industries, handicrafts and other rural crafts.

NABARD has also managed to spread its financial and developmental plan Potential Linked Credit Plans in more than 450 districts of the country, he said.

“We took a challenge to reach the farmers with loans or credits with less documentation, less transaction cost”, and added that the Kishan Credit Card system was later introduced by NABARD.

“NABARD is trying to provide more protection to Khariff and Rabi crop cultivation in the country”.

The agency has also been helping the SHGs of the country.

SHGs have their own potential and informal banking system with their own savings plan.

NABARD aims to take the banking services to the rural areas of the country.

NABARD offers separate development funds and schemes for the tribal in tribal dominated areas so as to help them to sustain themselves.

Monalith Dev said rural population makes up for 70 percent of the whole population and as such NABARD plays an important role in the development of the country.

In Manipur, loans are not generally repaid so banks are generally in the state of non-performing assets and added NGOs and farmers club should look after the recovery of credits.

NABARD is controlling the credit flow into the rural areas in order to develop the areas as credit flow plays an important role in the development of the rural areas.

NABARD is also encouraging the formation of Joint Liability Groups, i.e Self Help Groups which are introduced in every blocks.

He ended his speech with the assurance, “NABARD is a centralised agency and it will help every NGOs and individuals to developed Manipur.

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