FM chairs review meeting of NABARD, emphasises on rural development & financial inclusion

New Delhi: The Union Finance Minister Nirmala Sitharaman presided over a detailed review meeting of the National Bank for Agriculture and Rural Development (NABARD) on Monday, said the Ministry of Finance in a tweet. The meeting was attended by the Chairman of NABARD, Secretary of the Department of Financial Services (DFS), and other senior officials.

Sitharaman directed NABARD to facilitate aggregation of organic producers through FPOs

During the meeting, the Finance Minister took note of the significant initiatives undertaken by NABARD in recent years. She urged NABARD to prioritise efficiency and outcomes at the grassroots level, with a specific focus on improving rural income. Sitharaman directed NABARD to facilitate the aggregation of organic producers through Farmer Producer Organisations (FPOs), especially in the North-Eastern states.

FM instructs NABARD to encourage farmers to cultivate millets

Highlighting the ongoing International Year of Millets 2023 (IYoM) and the national priority accorded to the production and marketing of millets, the Finance Minister instructed NABARD to encourage farmers to expand the cultivation of millets. She also emphasised the importance of protecting the returns of farmers who are already engaged in millet farming.

Sitharaman underscored the need for concerted efforts to raise awareness among farmers about shifting to more remunerative crops that consume less water, such as millets, pulses, and oilseeds.

Sitharaman emphasises on enhancing digital capabilities of rural financial institutions

Sitharaman emphasised the importance of enhancing the digital capabilities of Rural Financial Institutions, including Regional Rural Banks (RRBs), to promote meaningful financial inclusion. She instructed NABARD to prioritise facilitating the augmentation of rural credit, addressing regional imbalances, and promoting productivity in rural areas, including the non-farm sector.

NABARD Chairman briefed FM on package worth Rs 25,991 cr for infra development

During the meeting, the Chairman of NABARD briefed the Finance Minister on the development package worth Rs 25,991 crore for infrastructure development, FPOs, self-help groups (SHGs), and off-farm initiatives in Jammu and Kashmir. The Chairman also highlighted the increased allocation of funds under the Rural Infrastructure Development Fund (RIDF) for 2022-23, along with the recapitalisation of three District Central Cooperative Banks (DCCBs) in Jammu and Kashmir.

Regarding Nagaland, the Chairman informed the Finance Minister about the successful implementation of government schemes and the organisation of 256 credit outreach camps, leading to the sanctioning of 38,370 loans in the state. For Karnataka, the Chairman shared that RIDF support of Rs 25 crore had been approved for the establishment of a Millet Value Chair Park at the University of Agricultural Sciences (UAS) in Raichur.

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