NCDC surpasses FY18 financial assistance target in 6 months

National Cooperative Development Corporation (NCDC) has achieved a record by surpassing its annual lending target in the first 6 months of the current financial year, union minister for agriculture and farmers' welfare Radha Mohan Singh has said.

NCDC, which finances projects of different types of cooperatives, had sanctioned Rs25,270 crore and achieved all-time-high disbursal of Rs15,915 crore during the financial year 2016-17, the minister said on Tuesday.

Addressing the 82nd general council meeting of NCDC at Krishi Bhavan in New Delhi, Singh said during the current financial year 2017-18 NCDC not only continued its excellent performance, but also achieved a record by surpassing its annual target in first 6 months.

Singh further said that in the last three years, the corporation also recorded significant growth of 254 per cent in releasing financial assistance to cooperatives.

The corporation also maintained zero NPA levels with loan recovery rate of more than 99.66 per cent, the minister pointed out.

Singh appreciated the performance of NCDC and expressed the hope that NCDC would continue to post commendable results and achieve greater heights and standard in the years to come.

Singh noted that NCDC is doing valuable service to the development of cooperatives that ensure remunerative prices and income for farmers. He also invited entrepreneurs to invest in the supply chain and post harvest infrastructure to ensure better income for farmers.

The Narendra Modi government has resolved to double the income of farmer by 2022 and NCDC has a pivotal role to play in the development of cooperatives in the larger interest of the farmer and rural population, the minister pointed out.