Rs 795 Cr Sanctioned by NABARD for Re-Construction of Infra in West Bengal
The National Bank for Agriculture and Rural Development has decided to sanction Rs 795 Crores for the re-construction of infrastructure in West Bengal, necessitated due to the recent devastation of the recent cyclone, Amphan. The State Government requested for Rs 1028 Crores from NABARD for this work as part of the Rural Infrastructure Development Fund but the agriculture and rural development sector regulator has sanctioned Rs 795 crores, for the time being.
NABARD has already sanctioned Rs 145 Crores to the State Government in order to provide liquidity support for boosting rural infrastructure in the country during the COVID 19 pandemic.
National Bank for Agriculture and Rural Development (NABARD)
It is the regulator for the agriculture credit and rural development in the country and it also regulates the Regional Rural Banks (RRBs) in the country. It was established in 1982 on the recommendations of the B Sivaraman Committee. NABARD replaced the erstwhile Agriculture Refinance and Development Corporation. NABARD is the apex institution in India for the primary sector development.
The Super-Cyclone Amphan is a tropical cyclone formed over the Bay of Bengal and it later intensified with a wind speed of 120 knots. It affected the states of West Bengal and Odisha apart from some areas in Bangladesh. The name of this cyclone was given by Thailand. Amphan was the second pre-monsoon cycle to form in the Bay of Bengal in the last two years with the first one being the Cyclone Fani. It is important because normally the pre-monsoon period is known as unsuitable for the formation of tropical cyclones.
Month: Current Affairs - July, 2020
Category: Economy & Banking Current Affairs