Union Cabinet Boosts NCDC with a Rs 2,000 Crore Aid

The Union Cabinet approved a Rs 2,000 crore grant to the National Cooperative Development Corporation (NCDC) for four years to enhance its lending capabilities. The approval was made during the Economic Affairs Committee meeting led by Prime Minister Narendra Modi, aiming to mobilize an additional Rs 20,000 crore.

The Union Cabinet has sanctioned a Rs 2,000 crore grant to the National Cooperative Development Corporation (NCDC), intensifying efforts to fortify its lending potential over the next four years.

This strategic decision, made during the Cabinet Committee on Economic Affairs led by Prime Minister Narendra Modi, underscores a commitment to augment financial support for cooperative lending.

I&B Minister Ashwini Vaishnaw announced that with this infusion, the NCDC, which boasts a 99.8% loan recovery rate and no NPAs, can mobilize an additional Rs 20,000 crore to support its extensive network of cooperatives, primarily benefiting farmers.

(With inputs from agencies.)