Union Finance Minister, Nirmala Sitharaman, announced the sanction of worth Rs 52.87 crore of funds for developmental initiatives by the National Bank for Agriculture and Rural Development (NABARD) to boost rural development during her two-day visit to Sikkim for the Credit Outreach Programme on 6 January, 2024.
The noteworthy initiatives included support for rural connectivity (Rs 50.71 crore), livelihood support to tribal households (Rs 1.29 crorer), ongoing orchard-based livelihood intervention (Rs 28.28 lakh), for Springshed development intervention aiming to rejuvenate 12 identified springs crucial for the water supply to 850 families (Rs 22.79 lakhs).
A grant assistance of Rs 34.50 lakh to Sikkim State Cooperative Bank Ltd. (SISCO) for financial inclusion initiatives, including conducting 200 Financial Literacy camps and providing 100 micro-ATMs to identified Milk Cooperative Societies was also given.
Key dignitaries, including Prem Singh Tamang, Chief Minister of Sikkim; Vivek Joshi, Secretary, DFS, Government of India; and Shaji K.V., Chairman of NABARD were present during the event.
The Finance Minister also acknowledged the immense potential for Sikkim to grow and the crucial role of banking and development & refinancing institutions like NABARD, in rebuilding the state after the flash floods.
Subsequently, the event also had an interaction programme with a group of Farmer Producer Organisations (FPOs), organised by the NABARD bank. Secretary of DFS, Vivek Joshi held deliberations with the farmers groups concerning various issues such as ‘spread of credit and other Banking activities in remote areas in Sikkim and encouraged banks to accelerate the credit disbursements.
Addressing the meeting, Shaji K.V., the Chairman of NABARD, while highlighting the priority of NABARD in strengthening cooperatives, said, “NABARD has continued its efforts to support FPOs presently under the umbrella of Cooperatives.”
“The convergence of funding support reflects NABARD’s dedication to strengthen the agricultural value chain. Notably, in Sikkim, where every FPO is registered under the Cooperative Societies Act, we take pride in supporting these entities directly from our own financial resources. The successful transition of all MPCSs to the ‘go live trial’ stage in PACS computerization project marks a pioneering achievement. We appreciate the FPOs for providing valuable insights, ensuring our interventions align with ground-level reality,” he added
