NE BUSINESS BUREAU
VIJAYAWADA, AUG 13
Andhra Pradesh Regional Office of the NABARD announced, on Monday, that it has granted ₹310 crore loan to APCOB under the recently launched Agriculture Infrastructure Fund (AIF), a release said.
According to the release, NABARD has come out with a scheme of “Special Refinance facility for developing Primary Agriculture Cooperative Societies (PACS) into Multi-Service Centres (MSC)” during 2020-21 with an aim to convert 35,000 PACS across the country in the next three years. The refinance facility will be available to APCOB at 3% and an interest rate of 4% will be charged for the loans availed by the PACS.
Under this facility, an in principle sanction of ₹310 crore has been accorded by NABARD to support 347 PACS in AP for Construction of Rural Godowns, Silos and establishment of Custom Hiring Centres, setting up of RO drinking water plants, purchase of Combined Harvesters etc. The sanction letter was handed over by Andhra Pradesh Finance Secretary Sunitha to the MD, APCOB. On grounding of these projects, PACS will also be eligible to avail 3% Interest Subvention and Credit Guarantee under AIF of Government of India.
Prime Minister Narendra Modi has launched a new Central Sector Scheme of financing facility under the Agriculture Infrastructure Fund (AIF) of ₹1 Lakh Crore on Sunday. Andhra Pradesh Regional Office of NABARD organised a programme at Vijayawada for the stakeholders of the scheme. The programme was attended by Sunitha, Secretary Finance Department, H. Arun Kumar, Commissioner of Agriculture, Government of AP and Brahmananda Reddy, General Manager, Union Bank of India and Convenor, SLBC and major bankers in the State.
The objective of the Fund is to build community farming assets and post-harvest agriculture infrastructure to enable farmers to get better value for their produce as they will be able to store and sell at higher prices, reduce wastage, and go for processing and value addition.
The projects supported under the Fund are eligible for availing Interest Subvention (IS) benefit of 3% per annum up to Rs. 2 crore loans for a period of 7 years and also credit guarantee coverage under Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme for loans up to Rs 2 crore.
