New Delhi, Nov 21 (IANS) Central Minister for Food, Public Distribution and Consumer Affairs Prahlad Joshi on Thursday criticised Karnataka Chief Minister Siddaramaiah over the allegations on NABARD’s reduced loan quota for Karnataka.
Speaking at a press conference in New Delhi on Thursday, Joshi provided clarifications regarding National Bank for Agriculture and Rural Development (NABARD)-related issues raised by Siddaramaiah.
He pointed out that the problem is not exclusive to Karnataka, as Siddaramaiah claims.
“In Gujarat, the amount allocated by NABARD for agriculture was Rs 1,800 crore last time, but this time it has been reduced to Rs 1,070 crore. In Rajasthan, where the Congress is in power, it decreased from Rs 4,792 crore to Rs 2,070 crore. In Uttar Pradesh, the amount dropped from Rs 2,700 crore to Rs 920 crore,” said Joshi.
He also stated that in Karnataka, the allocation decreased from Rs 5,600 crore last time to Rs 2,340 crore this time.
He said that NABARD provides cooperative institutions with funds, and it is their responsibility to offer loans to priority sectors like agriculture.
He clarified that the Siddaramaiah might not be fully aware of this process, as the system for NABARD loans has been in place since the time of the Congress government.
“Under the system, nationalised banks, scheduled commercial banks, and private sector banks are required to provide 40 per cent of their loans to agriculture. If banks fail to meet their agricultural loan targets, the Reserve Bank of India (RBI) takes the required amount and transfers it to NABARD. NABARD then passes the funds through state cooperative banks to cooperative societies,” he said.
He emphasised that if all banks are fulfilling their agricultural loan targets, NABARD’s funding needs decrease.
He stated that Siddaramaiah should appreciate this process, which helps ensure that funds are properly allocated to agriculture.
He also underlined that the ground-level credit for agriculture in Karnataka had increased from 8 per cent to 8.15 per cent compared to the previous year, which indicates that NABARD’s funding has been effectively distributed.
–IANS
mka/dan
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
