January 03, 2018: Parliament has passed the National Bank for Agriculture and Rural Development (Amendment) Bill, 2017 with the Rajya Sabha approving it on Tuesday.
The Bill seeks to amend the National Bank for Agriculture and Rural Development Act, 1981.
The Bill allows the central government to increase the authorised capital of the Bank from Rs. 5,000 crore to Rs. 30,000 crore.
The capital can be increased further by the government in consultation with the RBI.
Currently the Central government is holding 99.6 per cent share of the bank and the rest is with RBI.
NABARD is responsible for providing and regulating facilities like credit for agricultural and industrial development in the rural areas.
Replying to a debate on the bill, Minister of State for Finance Shiv Pratap Shukla said, the government is committed to agricultural growth and welfare of the farmers.
He said, NABARD will concentrate on providing loan to small scale industries related to agriculture and rural infrastructure.
Earlier, members from various political parties including Congress, BJP, TMC and AIADMK supported the Bill during the debate. (AIR NEWS)
