Nabard today reported a marginal 3 per cent growth in its annual net profit at Rs 1,860.25 crore in FY2013-14 ended March 31, even though its income rose 20 per cent to Rs 15,442.33 crore. Announcing the annual results, National Bank for Agriculture and Rural Development (Nabard) Chairman Harsh Kumar Bhanwala told reporters here the lender refinanced 21.7 per cent more projects in the reporting period at Rs 1,28,522 crore, which included crop loans and long-term loans........
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IDFC the infrastructure development organisation has become a commercial bank. Result is that funding support for infrastructure projects would need to be provided by commercial banks which will be costlier for the such projects. With the result, NABARD is the only agency with strong hand in funding infrastructure development projects, of course confined to rural areas. NABARD is also a fully owned GOI enterprise. So, it is in the best interest of the country's infrastructure development, NABARD may be repositioned as NABARD infrastructure development Bank with area of operations expanding to urban areas also. This would meet two objectives: 1. Infrastructure development would continue to receive the funding support without any problem.
2. NABARD with its performance going flat in 2013-14, it will give a great opportunity to grow in an area where its expertise lies.
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