NABARD has identified 163 Primary Agriculture Cooperative Societies (PACS) in Karnataka for funding and creation of infrastructure in the first phase under the ₹1 lakh crore Agricultural Infrastructure Fund (AIF) announced by Prime Minister Narendra Modi on Sunday.
Karnataka is one of the three States, which has been selected by Prime Minister’s Office for formal launch of this fund through NABARD Regional Office of Karnataka.
The NABARD’s concessional refinance would provide interest subvention under AIF. The net interest to PACS works out to be 1%.
In principle, NABARD handed over sanction letters to 163 PACS, identified under the AIF and conversion to Multi Service Centre under NABARD’s “Special Refinance Facility- Transformation of PACS as Multi Service Centres”, the release said.
On the occasion, Additional Chief Secretary Rajkumar Khatri and NABARD Chief General Manager Niraj Kumar Verma handed over the cheque to State Cooperative Bank CEO Venkataswamy.
