Nabard plans to raise Rs 55,000 crore from market this fiscal

Nabard Chairman Harsh Kumar Bhanwala said the borrowing from the market will be similar to last financial year; the development bank raises funds through long term bonds, generally of 10-15 years tenures

By BusinessToday.In  
Friday, July 12, 2019

State-owned National Bank for Agriculture and Rural Development (NABARD) has reportedly said it is planning to raise about Rs 55,000 crore from the domestic market in the current financial year to fund its organisation's growth and also support various agricultural and rural development schemes of the government.

"The borrowing from the market will be similar to last financial year. We intend to raise about Rs 55,000 crore through the public platform from the domestic market in 2019-20," news agency PTI quoted Nabard Chairman Harsh Kumar Bhanwala as saying. The apex financial institution has already raised Rs 12,000 crore during the March quarter, he said.

The development bank raises funds through long term bonds, generally of 10-15 years tenures. In 2018-19, Nabard raised Rs 56,069 crore through non-convertible debentures, of which Rs 33,169 crore was used for the government schemes and the remaining for its own funding requirements. In the last financial year, Nabard's loan portfolio expanded nearly 22 per cent to Rs 4.32 lakh crore, while assets under management (AUM) of the bank grew 20 per cent year-on-year to Rs 4.87 lakh crore.

Over the years, NABARD, which is 100 per cent owned by the government, made numerous interventions in multiple domains of agriculture and rural development and technological advancement. NABARD supports various government schemes such as Swachh Bharat Abhiyaan Pradhan Mantri Awas Yojana, and Pradhan Manti Krishi Sinchai Yojana.

(With PTI inputs)

Edited by Chitranjan Kumar

Also Read: Houses most unaffordable in 4 years; Mumbai most expensive city for homebuyers, finds RBI survey

Also Read: DHFL gets 7 days to submit resolution plan to lenders: report

Related Stories

As NBFC crisis lingers on, SBI comes to aid to the aid of MSMEs
As NBFC crisis lingers on, SBI comes to aid to the aid of MSMEs
DBS Bank to enter India's credit card market in 2020
DBS Bank to enter India's credit card market in 2020
PSU banks to offer home, auto loans within 59 minutes
PSU banks to offer home, auto loans within 59 minutes
SPONSORED

Latest Stories

India, Bahrain sign agreements in space technology, culture exchange
India, Bahrain sign agreements in space technology, culture exchange
Delegation of opposition sent back from Jammu and Kashmir airport
Delegation of opposition sent back from Jammu and Kashmir airport
PM Modi honoured with UAE's highest civilian award 'Order of Zayed'
PM Modi honoured with UAE's highest civilian award 'Order of Zayed'