National Bank for Agriculture and Rural Development (NABARD) celebrated its 42nd Foundation Day on Monday.
E.V. Ramana Reddy, ACS & DC, Government of Karnataka in his keynote address acknowledged the critical role of NABARD in supporting and financing various infrastructure projects in Karnataka’s rural areas, through its Rural Infrastructure Development Fund (RIDF), for the creation of additional irrigation potential of around four lakh hectare and completion of over 44000 k.m. of rural roads besides creation of rural markets, storage godowns, veterinary health infrastructure, etc.
Dwelling on the challenges that lie ahead, he acknowledged that issues that require our focused attention in the immediate future would revolve around climate change, rural-urban migration, and the digital divide to name a few.
T. Ramesh, Chief General Manager and State head of NABARD, highlighted that NABARD’s balance sheet size which stood at ₹4,519 crore in 1982 has recorded a phenomenal growth to ₹8 lakh crore. Cumulatively ₹20 lakh crore has been refinanced by NABARD of which ₹8 lakh crore was towards investment credit in agriculture, contributing towards capital formation in agriculture, and ushering prosperity in agriculture and rural sectors of the country.
He informed that the year 2022-23 was a momentous year for NABARD in Karnataka, as the business operations scaled new height by extending refinance assistance of ₹24,603 crore to rural financial institutions, which was at all time high.
