National Cooperative Development Corporation (NCDC) once again brought laurels to the cooperative world by disbursing loans of more than Rs 28000 crore to the co-ops, which is achieved first ever in the history of NCDC.
It has been disbursed from 1st April 2021 to now. “As the two months have been left for the completion of the current financial year, NCDC will cross the figure of more than 35,000 crores”, claimed one of the top officials of the co-op lender.
“This has been possible because of the hard efforts of our Managing Director Sundeep Nayak who keeps on motivating the staff and other members to perform better. And you will be surprised to know that we have achieved more than double the target set by us”, the official said to the Indian Cooperative.
Sharing the good news through the official social media the handle of NCDC wrote, “Team NCDC under the guidance of its President Hon Home & Coop Minister Amit Shah Ji disbursed Rs 28408 cr to coops so far this year AN ALL-TIME HIGH IN HISTORY”.
Later on, the social media netizens congratulated the NCDC for setting up a new record and lauded its role in strengthening the cooperative movement by fulfilling the financial needs of Co-ops.
NCDC provides liberal assistance to strengthen and develop cooperatives to the extent of 90-95% of the project cost which may include a subsidy component of 15-25% under certain schemes.
Over the past few years notified services like tourism, hospitality & transport, electricity & power, rural housing, hospitals, healthcare, and education have been included in the sphere of operations of NCDC. Its Ayushman Sahakar, a unique scheme to assist cooperatives to play an important role in the creation of healthcare infrastructure in the country, has been received well by cooperatives.
Earlier, Union Home and Cooperation Minister Amit Shah praised the role being played by NCDC and said that it extended cumulative financial assistance to cooperatives to the tune of Rs 1.86 lakh crore as of 30.06.2021.
It bears recall that, in the last FY i.e. 2020-21, NCDC had disbursed Rs 24,733 crore including a subsidy of Rs 311 crore of which Rs.4.48 crore from NCDC’s own corpus Disbursement exceeded the target of Rs.13400 crore by 184.58%.
Besides in the said FY NCDC earned a net profit before tax of Rs 747 crore. Net NPA remains zero percent.