The bill aimed at strengthening Nabard further came up in the Upper House where Minister of State for Finance Shiv Pratap Shukla said it would boost farmers’ income and ensure easy loans to farmers, reports UNI.
Given a conflict of interest between Reserve Bank of India, which is both regulator and shareholder, this equity to the banks would be transferred to the Government exchequer, the Minister said.
Supporting the Bill, opposition Congress member Dr Subbarami Reddy urged the Government to extend full finance to Nabard and provide refinance support to cooperative banks.
Rajya Sabha also witnessed absence of seven members who had questions listed against their names but were absent. NCUI President and Samajwadi Party leader Chandra Pal was one of the absentees.