Financial Daily from THE HINDU group of publications
Saturday, Jun 10, 2006
Financial Daily from THE HINDU group of publications Saturday, Jun 10, 2006 |
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Money & Banking
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Corporate Bonds Agri-Biz & Commodities - Agricultural Institutions Nabard to raise Rs 11,000 cr through bonds, loans Our Bureau
Mumbai , June 9 The National Bank for Agriculture and Rural Development (Nabard) will raise Rs 11,000 crore from the market, its Chairman Dr Y.S.P Thorat, has said. Dr Thorat said the bank would require Rs 14,000-15,000 crore during the current year, of which the RBI would provide Rs 3,000 crore through the general line of credit. "The rest Rs 11,000 crore, we will raise through bonds and loans. We will source our borrowings from banks, pension funds and LIC," he said. On the government's proposal of subvention to Nabard for ensuring that short-term credit is available to farmers at 7 per cent, Dr Thorat said the Government would bridge the difference between the cost of funds and the refinance rate of Nabard. As per this, Nabard's refinance rate to co-operative banks and regional rural banks will be 2.5 per cent and 4.5 per cent, respectively.
More Stories on : Corporate Bonds | Agricultural Institutions
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