Nabard strapped for fresh capital for managing things that need to be dealt with from 2012 to 17 has demanded Rs 5000 crore from the govt of India.
Chairman Prakash Bakshi has informed the press that Nabard aims to fund cooperative societies, agriculture and various rural development schemes over the next years.
As Nabard’s borrowing capacity is nearly exhausted, it urgently needs extra capital. Over the last year its performance has been less than expected as its net profit reduced in 2010-11.Its capital adequacy ratio registered a fall as well.
Mr. Bakshi has urged the cooperative bodies to adopt the core banking platform so they could be allowed online financial transactions. He added this would not only widen their customer base but simultaneously get them abundant business from the govt.
Nabard is already at work trying to provide cooperative banks with the latest information technology. It is using the services of top flight IT companies such as WIPRO and TCS in achieving this goal. In course of time more than half lakh primary agriculture societies may also be provided with adequate technological facilities so that they could act as channels of information.