Nabard supports Telangana with ₹20,000 crore during 2020-21
April 08, 2021
× National Bank of Agriculture and Rural Development (Nabard) has provided ₹20,000 crore to Telangana during the financial year ended March 2021 for various programmes.
According to YK Rao, Chief General Manager, Nabard, Telangana his bank provided ₹13,915 crore to the banks for lending towards crop loans as well as term loans in the State.
Out of this, ₹100 crore was disbursed to the beneficiaries of Nabard-supported watershed areas.
An amount of Rs ₹6,633 crore was provided to the State for creating enabling infrastructure in the rural areas.
Similarly, support was extended to irrigation projects too. Over ₹4,600 crore was sanctioned to Mallanna Sagar reservoir under Kaleshwaram Lift Irrigation Project and an amount of ₹2,394.70 crore was disbursed during FY21.
National Bank for Agriculture and Rural Development (Nabard) will raise up to Rs 3.9 trillion in current financial year (FY22) to support growth.
Nabard chairman, G R Chintala, said the development finance institution will borrow between Rs 3.72 and 3.90 trillion from the market in FY21-22 to expand its balance sheet to Rs 7.5 trillion level by March 2022. The borrowings were at Rs 3.17 trillion in FY21, up from Rs 2.06 trillion in FY20. The fund raising would be done through a combination of debentures, government support, long-term bonds and short-term funding. The balance sheet expanded by 24 per cent to Rs 6.57 trillion in the financial year ended March 2021 from Rs 5.53 trillion in FY20. According to provisional and unaudited results its income rose to Rs 34,700 crore in FY21 from Rs 32,692 crore. The profit after tax was up at about Rs 4,000 crore in FY21, up from Rs 3,859 crore in FY20.
“The Tata Group is leading the consortium. Ferbine has been set up solely to apply for the licence to set up a pan-India payments network which can process online payments with a specialised focus on e-commerce transactions. An official bid has been submitted to the Reserve Bank of India,” said a source cited above.
Mails sent to Flipkart, PayU, Nabard and Mastercard didn t elicit a response. A Tata Group spokesperson declined to comment for this story.
From Facebook to Google to Amazon, companies are vying to have a pie of the domestic payments infrastructure that’s forecast to grow by billions of dollars, making India one of the fastest growing and open digital payment markets in the world. Digital payments grew at an annual rate of 55% in the past five years in the country, and the pandemic has further accelerated the shift.
Here s breaking down the pre-market actions:
STATE OF THE MARKETS
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Tech View: Nifty support at 15,000
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Asian shares tank up to 1.6% in early trade
Flipkart, Mastercard, Nabard, PayU Likely To Hold 30 Per Cent In Tata NUE Which Will Rival UPI Payment System
by Swarajya Staff - Mar 4, 2021 06:31 AM
The UPI channel is growing at a fast pace with a helping hand from the government.
Walmart-owned Flipkart, Mastercard, PayU and National Bank for Agriculture and Rural Development (Nabard) are planning to buy a 30 percent stake in Tata-promoted Ferbine which seeks license from the Reserve Bank of India (RBI) for setting up a New Umbrella Entity (NUE), reports
Economic Times.
Ferbine was incorporated on 18 January 2021 to be a pan-India umbrella entity (PUE) for retail payments. According to the report, Tata Group will own 40 percent of Ferbine, Airtel Digital a 10 percent stake while HDFC Bank and Kotak Mahindra Bank will each have 9.99 percent stake.