Cooperative financing has grown to 254%: Agriculture Minister

During 2016-17, National Cooperative Development Corporation (NCDC) sanctioned Rs 25,270 crore and disbursed all high time assistance of Rs.15,915 crores to cooperatives, Agriculture Minister Radha Mohan Singh said

Cooperative financing has grown to 254%: Agriculture Minister

Union Minister for Agriculture and Farmer Welfare, Radha Mohan Singh has said that Net NPA (Non-performing assets) of National Cooperative Development Corporation (NCDC) was maintained at zero level and its loan recovery rate is more than 99.66%. The Corporation during the current financial year, 2017-18 not only continued excellent performance, but also registered a record by surpassing its annual target in first six months. Singh appreciated the performance of NCDC and expressed hope that NCDC would continue to post commendable results and achieve greater heights and standard in the years to come. The Minister was speaking at 82nd General Council Meeting of NCDC today at Krishi Bhavan, New Delhi.

Singh informed the members that during 2016-17, NCDC sanctioned Rs 25,270 crore and disbursed all high time assistance Rs.15,915 crores. Singh further said that in the last three years, the Corporation also registered a significant growth of 254% in releasing its financial assistance to the cooperatives.

Singh emphasised the role of cooperatives in ensuring remunerative income for farmers and invited people to invest for creation of direct supply chain and develop post harvest infrastructure to ensure better income for farmers in line with the resolve of Government of India to double the income of farmer by 2022. In this regard, he said that NCDC would continue to play a pivotal role in development of cooperatives in the larger interest of the farmer and rural population.

Radha Mohan Singh solicited support from members of GC to accelerate the progress of cooperative movement and said that NCDC would continue its efforts to make its assistance more attractive and affordable for cooperatives in agriculture and allied sectors. Singh also informed that it has been decided to upgrade NCDC Training Institute at Gurugram (Haryana) as a national level institute and rename it as Laxmanrao Inamdar Academy for Cooperative Studies and Human Resource Management.

The Changing Face of Rural India