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NABARD signs MoA with RD
Published on 1 Apr. 2010 12:18 AM IST
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A Memorandum of Agreement (MoA) was signed between National Bank for NABARD represented by GM KC Panda and Rural Development, represented by Commissioner and Secretary V. Sakhire in presence of Manager NABARD and Director, Rural Development & Deputy Secretary, RD on March 31 in Kohima.
According to rural development department the MoA was signed in pursuance of Union Finance Minister’s speech for the year 2007-08 and subsequent creation of a financial Inclusion Fund (FIF) with the initial funding to be contributed by Government of India, Reserve bank of India (RBI) and National Bank of Agriculture and Rural Development (NABARD) in a ratio of 40:40:20 towards financial inclusion programmes.
With the signing of the Memorandum of Agreement (MoA) and the Memorandum of Understanding (MoU) signed earlier with State Bank of India (SBI) during October 2008, the department expressed hope that financial services to rural households in more difficult and remote areas would further improve and the Banks would extend more credit facilities to rural people in the form of micro-credit, thus, enabling them to undertake micro-enterprise and other relevant activities in rural areas.
Assistant director (publicity) K. Neibou sekhose in a press release informed that Memorandum of Agreement (MoA) first covered Kiphire and Longleng Districts, covering five Blocks and 107 VDBs as pilot projects which will be subsequently spread over to the rest of the districts.

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