Nabard is loosening the purse strings for Andhra Pradesh. It has allocated more than hundred crore rupees for scores of primary agriculture cooperative societies and their change into multi purpose service societies.
Nabard chief GM K.R. Nair said this while talking to journalists in Machilipatnam.
According to Mr. Nair, the Nabard would spend funds on bank lockers as well as on godowns for Pacs for storing fish feed.
Mr. Nair said the Nabard had already disbursed Rs. 73 thousand crore as crop loans among farmers in 2012-13. The target for this year is estimated at 1 lakh crore, Mr.Nair announced.
A source watching developments in the cooperative sector in AP says with a huge scale infusion of money the Pacs would transform into business outfits capable of competing with the big banks in delivery of a whole myriad of services.