New Delhi: The World Bank has cleared a blend of loan and concessional credit of $600 million to India for strengthening its rural cooperative credit structure to transform access to financial services for the country''s poorer farmers. While $300 million will come as a loan from the International Bank for Reconstruction and Development (IBRD) with 20 years maturity, comprising a five-year grace period, the remaining amount would be in the form of concessional credit from the International Development Assistance (IDA) with 35 years to maturity. As many as 12 States have inked pact with the Centre and the Nabard for the rural cooperative credit structure reform programme.
The 12 States that have inked the MoU with the Government and Nabard are Andhra Pradesh, Arunachal Pradesh, Bihar, Gujarat, Haryana, Madhya Pradesh, Maharashtra, Orissa, Rajasthan, Uttar Pradesh, Uttarakhand and West Bengal. Better access to finance for India''s rural poor is absolutely critical for higher rural growth, for decreasing inequality and ultimately alleviating poverty.
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