NABARD Sanctioned Rs 480 crore For Rajasthan Rajya Vidyut Prasaran Nigam

NABARD has approved Rs 480 crore to state power transmission company RRVPNL, putting an end to the uncertainties arising out of technical issues.

“Release of the money got delayed because of technical reasons. Now, we have sorted out the problems with RRVPNL. We have sanctioned Rs 480 crore out of the committed Rs 1000 crore,” said Nabard chairman Prakash Bakshi, who was here in the city on Wednesday.

The National Bank for Agriculture and Rural Development (NABARD) wanted a separate escrow amount for the said advance. Since Rajasthan Rajya Vidyut Prasaran Nigam (RRVPNL) already maintains escrow account for other loans, it was reluctant to open a separate account for the funding from Nabard.

Bakshi said Nabard is also pushing co-operative and regional rural banks (RRBs) to convert Kishan Credit Cards into ATM cards.

“We are ready to finance the expense incurred by the RRBs over conversion of the cards. If these banks convert 100% of the accounts into ATM cards, NABARD will bear all the expenses. In case they achieve conversion of half of the accounts, we will pay 50% of the expenses,” said Bakshi.

src: TOI