Circulars

Fisheries and Aquaculture Infrastructure Development Fund (FIDF) – Availability of Refinance and Procedure to claim Interest Subvention
 
As you are aware, Government of India has set up the Fisheries and Aquaculture Infrastructure Development Fund (FIDF) during 2018-19 with a fund size of Rs. 7522.48 crore spread over a period of five years (2018-19 to 2022-23). Under FIDF scheme, all scheduled banks/NCDC are treated as Nodal Loaning Entities (NLEs) for providing term loan assistance to private entrepreneurs/cooperatives respectively.
 
2. Private entrepreneurs/cooperatives shall submit the project proposal to Department of Fisheries, GoI with copy to National Fisheries Development Board (NFDB), the designated Nodal Implementing Agency (NIA) under FIDF. NFDB shall carry out techno-economic appraisal of the proposal and present it before Central Approval and Monitoring Committee (CAMC). On approval of the project proposal by CAMC, private entrepreneurs/cooperatives can approach any scheduled bank/NCDC for term loan assistance.
 
3. In respect of individual entrepreneurs and cooperatives, lending will be through the scheduled Banks/ NCDC. Scheduled Banks/NCDC as NLEs may raise own funds or utilise their available financial resources for lending under FIDF. Scheduled banks/NCDC may also avail re-finance from NABARD, if required against lending to the Eligible Entities (EEs) for implementation of the FIDF. The interest rate on NABARD refinance is client and tenor specific and is dynamic in nature. Lending rate to the eligible borrowers under the scheme shall not be lower than 5.00 % per annum for development of identified fisheries-based infrastructure facilities. 
 
4. Interest Subvention up to 3.00% per annum shall be available under FIDF. Further, GoI has authorized NABARD to act as a pass through agency for channelizing Interest Subvention to all Nodal Loaning Entities (NLEs) and NABARD shall receive, collate, compile, and submit such claims on quarterly basis to GoI. In this connection, the procedure and the formats for scheduled banks/NCDC to claim Interest Subvention, in respect of loans sanctioned under FIDF, is enclosed.
 
5. All NLEs (NCDC/SCBs) who have extended loans to Private entrepreneurs and cooperatives under FIDF, are advised to submit to NABARD HO their quarterly IS claims through their controlling offices as detailed in procedure.

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