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Grant assistance of Rs 221.89 cr to Karnataka from NABARD

Grant assistance of Rs 221.89 cr to Karnataka from NABARD

Grant assistance of Rs.221.89 crore, has been given by the National Bank for Agriculture and Rural Development (NABARD) to the state government of Karnataka for the supporting 298 watershed projects that are spread over an area of three lakh hectares and benefit 66,500 families. 

Key Points:

  • About 75 percent of the area in the state is rainfed, and the implementation of the watershed projects have improved the diversification, soil and water conservation, the social and economic condition of the beneficiaries and crop productivity.
  • NABARD has also released Rs.2200 crore in Karnataka to the Regional Rural Banks and Cooperative Banks under a special line of credit. The bank for rural development also observed its 39th Foundation Day in Karnataka on 13 July 2020.

Note:

  • NABARD was established on 12 July 1982 by transferring the functions of the Reserve Bank of India, concerning agricultural credit and the functions of refinancing of the then Agricultural Refinance and Development Corporation (ARDC).
  • The bank was established with an initial capital of Rs.100 crore. The paid-up capital of the bank stood at Rs.14,080 crore on 31 March 2020.
  • NABARD is wholly owned by the Indian Government.

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