Latest news with #NABARD
Hindustan Times
a day ago
- Hindustan Times
Vigilance deptt seizes ₹2.5 cr unaccounted cash, assets from Odisha chief engineer
The Odisha vigilance department on Friday recovered over ₹2 crore in unaccounted cash and other assets from the residences of Baikuntha Nath Sarangi, chief engineer (roads) of rural works division in the state rural development department. The officials said they found the cash, stashed in bundles of ₹500 currency notes, from two houses belonging to Sarangi in Bhubaneswar and Angul. While ₹1.21 crore was recovered from his apartment in Bhubaneswar, another ₹1.30 crore was seized from his Angul residence, amounting to ₹2.5 crore in cash. 'When vigilance officials arrived at Sarangi's residence in Bhubaneswar, he started throwing cash bundles of ₹500 notes through the window of his flat. However, that was later recovered by the vigilance team in the presence of witnesses,' director of state vigilance Yeshwant Jethwa said. Officials also found that Sarangi owned two double storeyed residential buildings in Angul, a flat in Bhubaneswar, one flat in Puri, along with 7 patches of land on the outskirts of Bhubaneswar and Angul. Apart from this, he also had equity investments worth ₹2.70 crore, bank and insurance deposits worth ₹1.5 crore, and a locker maintained at Axis Bank in Angul in the name of his wife. Officials had not opened the bank locker till this report was filed. The rural development department is mandated to provide remote connectivity and construct and maintain government buildings in interior areas. Besides implementing the schemes and programmes in general, the organisation provides emergency support services during natural calamities. Sarangi, who was recently transferred to Bhubaneswar from Angul, was in charge of implementing rural connectivity programmes under different schemes like NABARD, assistance under RIDF, Pradhan Mantri Gram Sadak Yojana and other state government schemes. Prior to this, the biggest cash recovery in a disproportionate assets case was ₹3.41 crore, seized from the premises of Kartikeswar Roul, an assistant engineer of the Minor Irrigation Division in Ganjam district, in April 2022. In June 2023, an amount of ₹3.02 crore was recovered during raids on properties of Prasanta Kumar Rout, an Odisha Administrative Service officer.
Coin Geek
a day ago
- Business
- Coin Geek
Landless farmers in India reap benefits of CBDC: report
Getting your Trinity Audio player ready... What once seemed like a far-off concept—using a central bank digital currency (CBDC) as an alternative to traditional money—is now becoming a reality in India. Initially met with skepticism, the digital rupee has moved beyond the experimental stage and is actively being used, with the State Bank of India (NASDAQ: SBKFF), the country's largest public sector bank, leading its real-world application. In partnership with the National Bank for Agriculture and Rural Development (NABARD), SBI is delivering agricultural credit through CBDC to tenant farmers—those who cultivate land without owning it—in parts of Andhra Pradesh and Odisha provinces. This initiative goes beyond theory, demonstrating how digital currency can streamline credit delivery, prevent misuse, and ensure that benefits reach genuine cultivators, not middlemen or landlords. According to a Financial Express report, NABARD and SBI are running pilot projects to help landless farmers get access to agricultural loans in select districts of Andhra Pradesh and Odisha provinces. These pilots use the Reserve Bank of India's (RBI) CBDC to offer Kisan Credit Card (KCC) benefits to tenant farmers. SBI is conducting the pilots in Andhra Pradesh's Krishna, East and West Godavari districts, and in Odisha's Cuttack and Puri districts. The initiative aims to prevent misuse of credit by ensuring that loans are used only for farming purposes, such as buying seeds and fertilizers from approved vendors. So far, in FY2025, the report stated that over ₹4.5 crore has been sanctioned under this pilot. In Odisha, 501 tenant farmers have benefited with loan approvals, while in Andhra Pradesh 218 farmers have benefited from the loan sanctions. The report stated that 30–40% of India's cultivated land is currently farmed by tenants who don't own the land. However, KCC loans are usually given only to landowners. Although the government has tried forming joint liability groups to offer loans to landless farmers, banks still face issues verifying who the actual cultivators are. The report stated that under the Modified Interest Subvention Scheme (MISS), KCC holders can borrow up to ₹3 lakh (about $3,508) at a 7% annual interest rate. If the loan is repaid on time, farmers get a 3% interest discount, reducing the effective rate to 4%. From FY2026, the loan limit will increase to ₹5 lakh (about $5,847) per year. KCC loans help farmers meet working capital needs for purchasing agricultural inputs like seeds, fertilizers, and pesticides, as well as for allied sectors like dairy and fisheries. The pilot programs in Andhra Pradesh and Odisha mark a turning point. Using the digital rupee, tenant farmers receive direct benefit transfers (DBT) and agricultural loans. These funds are being used to buy essential inputs like seeds and fertilizers from authorized vendors, ensuring that credit is used for its intended purpose. By integrating digital currency into agricultural credit systems, the initiative offers a transparent, traceable, and efficient way to support the backbone of Indian agriculture: its farmers, especially those without land titles. The initiative also addresses long-standing gaps in rural credit delivery, particularly for tenant farmers, who have historically struggled to access formal loans due to a lack of documentation and land records. With CBDC and digital wallets, these barriers are starting to break down—signaling a shift toward more inclusive, accountable, and tech-enabled rural finance. The RBI started its first digital rupee pilot in the wholesale segment on November 1, 2022, to settle secondary market transactions in government securities. It started the pilot with nine banks—State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank (NASDAQ: HDB), ICICI Bank (NASDAQ: IBN), Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC (NASDAQ: HSBC). The retail digital rupee pilot started on December 1, 2022, and users were able to transact through a digital wallet offered by the participating banks and stored on mobile phones or devices. In 2024, India's blockchain-based digital rupee made significant progress as the RBI achieved notable advancements with its CBDC use cases. In December 2024, former central bank Governor Shaktikanta Das said India's CBDC has a lot of potential and is likely to become the future of money. Watch: Finding ways to use CBDC outside of digital currencies title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
The Hindu
2 days ago
- Business
- The Hindu
Annual Credit Plan released for Erode district
The Annual Credit Plan for Erode district for 2025-26 envisaged a total outlay of ₹30,257.99 crore with agriculture and MSME sector getting major share. Collector Raja Gopal Sunkara released the plan at the Collectorate on Wednesday that was received by Reserve Bank of India's Assistant General Manager Vijay Vignesh. The plan was prepared by the district lead bank, Canara Bank, based on the Potential Linked Credit Plan prepared by NABARD. The credit plan outlay is an increase of ₹3,995.18 crore (15.21%) when compared to the plan outlay in 2024-25. Agriculture sector was given the major share of ₹18,918.01 crore and Micro Small and Medium Enterprises (MSME) got ₹10,551.28 crore. Other priority sectors were given ₹788.70 crore. Vivekananth, Lead Manager, Canara Bank, G. Saravanan, Assistant Regional General Manager, Ashok Kumar, General Manager, NABARD, Thirumurugan, General Manager, District Industries Centre and other officials were present. eom\sps.
Hans India
3 days ago
- Politics
- Hans India
Rs 24.62 cr sanctioned for road works
Rajamahendravaram: A sum of Rs 24.62 crore has been sanctioned through NABARD for the development of roads in East Godavari district, covering 13 specific projects. According to a statement released on Wednesday by district collector P Prasanthi, the funds have been allocated for construction and repair works covering a total of 38.61 kilometres across seven constituencies in the district. In Anaparthi constituency, Rs 3.20 crore has been sanctioned for the reconstruction of the Marripudi–RB Patnam road in Rangampeta mandal and the Duppalapudi–Kapavaram road in Anaparthi mandal. In Rajahmundry Rural constituency, Rs 3.30 crore have been allocated for road works from Kathethu bathing ghat in Rajahmundry Rural mandal and roads in Jerugupadu, Kadiyam, K Savaram, and Madhavarayudupalem villages in Kadiyam mandal. In Rajanagaram constituency, Rs 3.25 crore has been allotted for a 3.05 kms stretch up to Purushottamapatnam in Seethanagaram mandal. In Gokavaram mandal, Rs 1.50 crore has been sanctioned for 2.80 kms of road up to R Yerrapalem. Gopalapuram constituency will receive Rs 3.30 crore for road development between Chodavaram–Gundepalli and Kancherlagudem–Sanjeevapuram in Nallajerla mandal. In the Kovvur constituency, RS 2.70 crore has been granted for the construction of the BT road from Penakanametta to Kumaradevaram in the Kovvur mandal. In the Nidadavole constituency, Rs 7.37 crore have been sanctioned for various road works, including Paidimarru–Satyavada in Undrajavaram mandal, Kanuru–Nadupalli Kota in Peravali mandal, and Singavaram–Nandamuru in Nidadavole mandal, along with Kapavaram–Kothapalli Agraharam in Peravali mandal. The funds are part of the government's initiative to strengthen rural connectivity and infrastructure through NABARD assistance, with works expected to begin shortly across the approved locations, the collector stated.
The Hindu
4 days ago
- General
- The Hindu
Check dams, causeway across Kaundinya river in Vellore inaugurated
Minister for Water Resources Duraimurugan inaugurated two check dams and a causeway with vents across Kaundinya river in Gudiyatham to prevent flooding during monsoon, and provide access to key towns. The Minister was accompanied by Collector V.R. Subbulaxmi, and senior officials of the Water Resources Department (WRD). 'The check dams will help irrigate at least 560 hectares of farmlands in the region. Moreover, local bodies can sink borewells along the facilities to draw water for consumption,' S. Kalipriyarn, Assistant Engineer, WRD (Gudiyatham), told The Hindu. Funded by NABARD under the Permanent Floods Restoration Scheme 2023-24, the check dams were built at a cost of ₹25 crore. Each 120-metre-long and 1.2-metre-tall facility has a capacity of 2.51 mcft (million cubic feet) and can discharge 53,000 cusecs of floodwater. They will help recharge at least 530 farmwells in the region. Around 10-12 farming villages will benefit as groundwater within a three-km radius from the facilities would increase. After a long struggle, residents in Gudiyatham and adjoining farming villages now have a causeway, built at a cost of ₹8.41 crore using funds from NABARD. It connects Thalayatham with Sunnabupettai village across the river. The causeway measures 104.2 metres in length and 2.7 metres in height (from the riverbed) with 10 vents. It can discharge 58,000 cusecs per minute of floodwater during monsoon. Officials said such high discharge of rainwater would prevent the facility from being flooded. 'Earlier, we had to take a detour of at least 20 km to reach Gudiyatham, Pernambut, and Pallikonda towns. School vans and ambulances had to navigate a long sandy route. The new bridge has ended our ordeal,' S. Pechiammal, a resident, said. A 500-metre-long tiled walking track was also inaugurated. It was built at a cost of ₹2.91 crore on the left bund of the river. Steel fencing has been erected to prevent accidents, officials say.
