New Delhi: The Union Cupboard on Thursday authorised a Rs 2,000 crore grant-in-aid to Nationwide Cooperative Improvement Company (NCDC) for 4 years, a transfer that may assist the organisation to mobilise extra funds for lending.
The choice on this regard was taken within the assembly of the Cupboard Committee on Financial Affairs, chaired by Prime Minister Narendra Modi.
“To additional help an excellent monetary mannequin, the Cupboard authorised the capital grant-in-aid of Rs 2,000 crore for NCDC for 4 years,” I&B Minister Ashwini Vaishnaw instructed reporters.
NCDC offers loans to greater than 8.25 lakh cooperatives, having 29 crore members. Out of the whole members, 94 per cent are farmers.
With this monetary help, NCDC will be capable to mobilise extra Rs 20,000 crore for additional lending, the minister stated.
At the moment, NCDC has a 99.8 per cent mortgage restoration charge and nil NPA, he added.
