SHILLONG: The State Cabinet on Wednesday approved the proposal of the department of Cooperation on behalf of the Meghalaya Cooperative Apex Bank (MCAB) to enable the financial institution to take a loan of Rs 30 crore from National Bank For Agriculture & Rural Development (NABARD).
After a cabinet meeting here, Chief Minister Mukul Sangma told reporters that a proposal to enable the bank to avail loan from the National Scheduled Tribe Finance Development Corporation has also been approved.
Sangma said that the NSTFDC has been re-financing the Meghalaya Cooperative Apex Bank to provide the facility for extending loan for various schemes of the Government which have been designed to provide assistance besides the loan component.
Citing an example, Sangma said that under the Aquaculture Mission, farmers are being provided a credit flow at the rate of 6 per cent interest and it has been made possible since the State Government tasked the bank with the whole initiative of the department of finance to coordinate with the NSTFDC to avail the re-financing so that benefits of low interest credit flow can be extended to farmers.
