In the General Council of NCDC ,Union agriculture Minister Sharad Pawar said that NCDC has released financial credit to Cooperative Societies to the tune of Rs.3785 crore in 2009-10. General Councilwhich met on 10th November also noted that net NPA of the Corporation was reduced to zero and recovery rate was 99.77 %.
Speaking on the occasion Mr Pawar stated that in order to enable the cooperatives to overcome the functional and structural constraints and anomalies, a Constitution Amendment Bill and amendment in the Multi State Cooperative Societies Act is under active consideration of the Govt. of India. Further, the Government proposes to introduce a new scheme for interest subvention at the rate of two percent for loans from NCDC to cooperatives to facilitate softer lending rates for agricultural and allied activities.
The Minister listed the new initiatives taken by NCDC for strengthening its services to the cooperative sector. A new Central Sector Scheme has been formulated for Rehabilitation and Reconstruction of potentially viable sick cooperative units with NCDC as the nodal agency for implementing the scheme. This will result in revival of a large number of sick units and restoration of critical infrastructure.
Inclusion of additional services like Tourism , Hospitality and Transport, Electricity & Power, Rural Housing , Hospitals, Healthcare and Education under the purview of NCDC’s financing will enable cooperatives to access finance for taking up activities in these new areas.
Creation of a Cooperative Enterprise Development Fund and initiation of a Corporate Social Responsibility Programme will facilitate relatively new and weak cooperatives to avail of project finance for innovative initiatives.
