Nabard sanctions Rs 21,000 cr to district central co-op banks

Demonetisation and its aftermath is being discussed by one and all and investors are trying to quantify the effects of such a bold but most welcome move.

Government in an attempt to ease the cash situation in the country is taking several measures which is good news.

While interacting with media, the Economic Affairs Secretary, Shakthikanta Das announced an important measure to combat the distress caused due to demonetisation.

In the latest measure, National Bank for Agriculture and Rural Development (NABARD) has sanctioned Rs 21,000 crore to the district central co-operative banks which is expected to mitigate the credit woes of farmers to a considerable extent.

This measure is deemed important as over 40 per cent of small farmers get their crop loan credit from the co-operative institutions.

According to the secretary the sanction of money will enable banks to pass on the grant funds to the primary agricultural co-operatives. To further support the measure the charges on debit cards and switching charges will stand waived.