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Center plans Nabard subsidiary

The central government is planning to set up a subsidiary of Nabard which will take care of simplified loans for skilled rural people for educational pursuits or for setting up businesses. Union minister for Rural Development and Drinking Water, Chaudhary Birender Singh said there is a problem in securing loans from public sector banks for these people and the process of loan disbursement needs to be simplified. He said since a majority of tehse problems pertain to rural areas, there is need for a subsidiary of Nabard to take care of this issue. He mentioned that after a person acquires skills under government initiatives, he may find it hard to arrange for finances, which limits the scope of implementation of such initiatives. He revealed that the government is actively considering setting up such a subsidiary and it may soon become a reality.

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