Financial Daily from THE HINDU group of publications
Monday, Sep 09, 2002
Financial Daily from THE HINDU group of publications Monday, Sep 09, 2002 |
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Agri-Biz & Commodities
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Agricultural Institutions Nabard in pact with Union Bank for agro projects Our Bureau
MUMBAI, Sept. 8 THE National Bank for Agriculture and Rural Development has tied up with Union Bank of India for jointly financing large agricultural and allied projects. The MoU signed by the bank and Nabard on Saturday marks the beginning of direct lending by Nabard, the apex institution for agricultural and rural projects. Mr V. Leeladhar, Managing Director, Union Bank of India, said that the tie-up would help the bank meet the 18 per cent mandatory lending to agriculture sector. He said advances by the bank to agriculture has increased to 15.60 per cent by end August 2002, as against 13.72 per cent in March 2001. With this agreement, the bank is expected to reach the 18 per cent target, Mr Leeladhar said. However, he said the bank had already exceeded the priority sector lending target. As of August-end, the lending to the priority sector reached 43.28 per cent as against the target of 40 per cent.
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