The National Bank for Agriculture and Rural Development of India (NABARD) is launching a new arm to target the microcredit sphere in the country. The new institution, a non-banking financial company (NBFC), called Nabard Financial Services (Nabfins), will have an authorized capital of Rs 1 billion (USD 24.7 million) and an issued capital of Rs 200 million (USD 4.9 million).
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