The Union Cabinet on Thursday approved a Rs 2,000 crore grant-in-aid to National Cooperative Development Corporation (NCDC) for four years, a move that will help the organisation to mobilise more funds for lending.
The decision in this regard was taken in the meeting of the Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi.
"To further support a good financial model, the Cabinet approved the capital grant-in-aid of Rs 2,000 crore for NCDC for four years," I&B Minister Ashwini Vaishnaw told reporters.
NCDC gives loans to more than 8.25 lakh cooperatives, having 29 crore members. Out of the total members, 94% are farmers.
With this financial aid, NCDC will be able to mobilise additional Rs 20,000 crore for further lending, the minister said.
Currently, NCDC has a 99.8% loan recovery rate and zero NPA, he added.
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