The National Bank for Agriculture and Rural Development (NABARD), a development bank in India that promotes the development of microfinance activities in the rural sector, recently reported that it disbursed loans of INR 3,700 crore (equivalent to USD 801 million) to 581 microfinance institutions (MFIs) for the year ending March 2009. NABARD additionally reported that its loans outstanding amount to INR 5000 crore (equivalent to approximately USD 1.08 billion) as of March 2009. The loans were on-lent by MFIs to poor people in urban and rural areas.
By Julia Korn, Research Associate
About The National Bank for Agriculture and Rural Development (NABARD):
The National Bank for Agriculture and Rural Development (NABARD) is a development bank in India that formulates the credit and banking policy for the rural sector, supervises and conducts on-site inspections of cooperatives and regional rural banks and promotes the development of microfinance activities in the rural sector. NABARD is charged with the oversight of the Microenterprise Development Programme (MEDI), which focuses exclusively on the development of microenterprises. In 2010, NABARD set a fiscal year target of INR 3,750 billion (USD 80.3 billion) for credit disbursement via commercial banks, state cooperative banks, state cooperative agriculture and rural development banks and other eligible financial institutions up from INR 3,250 billion (USD 69.6 billion) the previous year.
Sources and Additional Resources
[1] India Microfinance. “NABARD releases disbursement figures for MFI’s” on August 2, 2010. http://indiamicrofinance.com/nabard-disbursement-shg-mfis.html
MicroCapital Universe. The National Bank for Agriculture and Rural Development (NABARD). https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=National+Bank+for+Agriculture+and+Rural+Development+%28NABARD%29
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