Business
Nabard sanctions Rs 21,000 cr to help farmers
New Delhi, Nov 23 The government on Wednesday sanctioned Rs 21,000 crore from the National Bank for Agriculture and Rural Development (Nabard) to district cooperatives, which will be used towards crop loans for farmers with some cash component for payment of wages and agri-inputs.
Briefing reporters, Economic Affairs Secretary Shaktikanta Das said the money sanctioned will be routed through District Central Cooperative Banks to the primary agricultural societies, in a bid to ensure a smooth Rabi sowing season ahead.
He said Nabard and the Reserve Bank of India have also been advised to ensure that some cash is provided to farmers from these societies with money flowing in from the designated currency chests of commercial banks.
"We reviewed the situation today. The government decided some more measures for farmers. We have advised banks to ensure chain of activities related to sanction of crop loan and flow of funds to farmers is done in smooth manner," the official said.
Das said Nabard has already furnished the list of cooperatives that will be co-opted for this.
The top Finance Ministry official said that in line with Prime Minister Narendra Modi's thrust on digital economy and a cashless society, both public and private sector banks have come forward with steps -- the latest being waiver of what is called merchant discount rate till December 31, 2016.
This is what banks and credit card companies charge merchants for card-based transactions.
He said all public sector banks have agreed to this. In the case of private sector banks, the finance ministry met with their top officials and while some have agreed some others are expected to follow suit.
Meanwhile, he said, new currency notes have started flowing into the hinterland, with new Rs 500 and Rs 2,000 currency notes made available to 155,000 post offices for disbursal.
10 hours ago
Karnataka bypolls: Nikhil Kumaraswamy named NDA candidate from Channapatna Assembly seat
10 hours ago
Congress not to field candidates in UP Assembly bypolls, announces support for Samajwadi Party
10 hours ago
FM Sitharaman, World Bank President discuss issues related to private capital participation in Global Public Goods
10 hours ago
Large turnout for early voters in US swing state Georgia; focus on economy, people's rights
11 hours ago
19-Year-Old Sikh Woman Tragically Dies While Working at Walmart in Halifax, Canada
11 hours ago
OpenAI Names Indian-American Economist Dr. Aaron Chatterji as Its First Chief Economist
11 hours ago
We have long recognised and experienced Khalistani extremism, says Canadian MP Chandra Arya
11 hours ago
Canada: Dissident MPs call for Trudeau's resignation, deadline set for October 28
11 hours ago
US-India partnership vital for preserving peace in Indo-Pacific region: Former White House official Lisa Curtis
12 hours ago
Threats to U.S. Democracy: A Viewpoint
13 hours ago
Justice Siddaiah Rachaiah appointed permanent judge in Karnataka HC
13 hours ago
Alia Bhatt turns makeup artist, asks fans, “Kisko tutorial chahiye?”
13 hours ago
Dharmendra bonds with ‘diehard’ fan on holiday