Mumbai: The Union Cabinet on Thursday approved the raising of the authorized capital of the National Bank for Agriculture and Rural Development (Nabard) to Rs20,000 crore from Rs5,000 crore earlier.
This will help the development organization mobilize more resources from the market and develop new credit products, new credit linkages and new clients, a government release said.
Nabard has also been allowed to lend to new institutions, mainly multi-state credit societies, to benefit a larger segment of the financially excluded farmers in the country, the statement said. Nabard will also combine the posts of chairman and managing director to ensure a distinct line of command.
