Integrated data system for all subsidies needed, says Palanivel Thiaga Rajan

The Minister was speaking at Nabard foundation day

“We need one integrated data system for all the subsidies,” Tamil Nadu Finance Minister Palanivel Thiaga Rajan said at the 41st foundation day celebrations of National Bank for Agriculture and Rural Development (Nabard). This approach was the way forward to reach the last mile, he added.

The Minister also said that Nabard-Madurai Agribusiness Incubation Forum (MABIF) nurtured some of most interesting start-ups and these were great models. MABIF is an initiative of Nabard and TNAU to promote agribusiness in the southern region of Tamil Nadu.

Financial assistance by Nabard Tamil Nadu regional office reached new high of ?32,443 crore in financial year 2022, up from ?27,135 crore the previous year, a growth of 20%. “This includes ?23,167 crore refinance assistance for short-term and long-term agriculture, allied and priority sector activities. Major share was of cooperative banks at ?9,745 crore (42%) followed by commercial banks at ?5,746 crore (25%), regional rural banks at ?5,037 crore (22%) and NBFC/MFIs at ?2,639 crore (11%),” said T.Venkatakrishna, Chief General Manager of Nabard Tamil Nadu Regional Office.

A new credit facility aggregating ?2,830 crore was disbursed under direct refinance assistance to Tamil Nadu State Apex Cooperative Bank. Nabard also extended financial support at concessional interest rate to State government for creation of rural infrastructure and ?4,364 crore sanctioned during financial year 2022, registering 8% growth. During the current financial year assistance of ?40,000 crore is expected to be advanced for various activities in the State.