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NABARD Refinance To Improve Investments In warehouses

National Bank for Agriculture and Rural Development (NABARD) has introduced a refinance scheme for regional rural banks, state and district cooperative bank, urban cooperative banks and scheduled commercial banks to accelerate the pace of construction of quality of warehouses in the rural areas for farming commodities.

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The scheme is expected to create around 9 million tons of additional storage capacity in the country, according to R. Shankar Narayan, Assistant General Manager, Nabard, Madurai. There are about 200 qualified warehouses with capacities between 1,600 million tons and 12,400 million tons.

In Tamil Nadu, there are 40 such State-owned warehouses, including in Madurai. NABARD will administer interest financial backing on pledge loans given by co-operatives and regional rural banks on the strength of warehouse receipts so that farmers get relief from the commercial rates charged for the purpose, he added.

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