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NABARD is a development financial institution in India that manages credit-related concerns like planning, policy, and operations for agriculture and rural undertakings. National Bank for Agriculture and Rural Development (NABARD) offers funds and credit facilities for agriculture-related activities and rural development. Its prime focus area is the growth and development of rural areas nationwide. NABARD works around three main areas that include finance, development, and supervision of the agriculture sector.
Table of Contents :
NABARD Scheme – Highlights – 2023 |
|
Direct Lending – Schemes and Interest Rates (p.a.) |
|
| Warehouse Infrastructure Fund (WIF) | Bank rate* – 1.50% – State Governments |
| Bank rate – 1.50% – State Government Corporation (with State Govt. Guarantee) | |
| PLR** + Risk Premium – Entities promoted by State / Central Government-owned/assisted (without State Govt. Guarantee) | |
| Current Bank Rate* | 4.25% |
| Current PLR** | 7.75% |
|
Food Processing Fund (FPF) |
Bank Rate – 1.50% – State Governments |
| Bank Rate – 1.50% – Entities promoted by State Governments (with Govt. Guarantee) | |
| PLR + Risk Premium – Entities promoted by State Governments(without Govt. Guarantee) | |
| Current Bank Rate for FPF | 4.25% |
| Current PLR for FPF | 5.80% |
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| NABARD Scheme – Interest Rate (p.a.) on Refinance to Banks | |
| Short Term Refinance Assistance | 4.50% for the below entities:
7.75% for ST – Additional SAO/ST(Others)/ ST (SAO ) -SCARDBs (Annual Product) ST – Additional SAO (StCBs and RRBs) 7.90% for ST (SAO ) -SCARDBs (Annual Product) 8.00% for StCBs/RRBs – Conversion of Short Term – Crop loans into Medium Term loans |
| Long Term Refinance Assistance | 5.80% – Long Term loan to State Govt. for contribution to share capital of coop. credit institutions
6.00% – LT loan to State Govt. for contribution to share capital of RRBs |
| Regional Rural Banks (RRBs) & State Cooperative Banks (StCBs) | 8.20% – Refinance for 5 years and above 8.20% – Refinance for 3 years to less than 5 years 8.10% – Refinance for 18 months to less than 3 years |
| State Cooperative Agriculture and Rural Development Banks (SCARDBs) | 8.30% – Refinance for 5 years and above 8.30% – Refinance for 3 years to less than 5 years 8.20% – Refinance for 18 months to less than 3 years |
| Direct Lending | Bank Rate – 1.50% |
Note: The mentioned interest rates are subject to change and depend on the sole discretion of the NABARD authority and RBI. GST and service tax shall be levied extra on the mentioned charges. (1.5% Interest Subvention will be continued till FY 2023-24)
NABARD Scheme is also responsible for the development of cottage industries, rural and village projects, Small Scale Industries (SSIs), etc. Let’s further discuss the features and schemes offered by the NABARD authority.
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