NCDC to lend at least Rs 3,500 crore to Odisha for development in cooperative sector

Bhubaneswar: The National Cooperative Development Corporation (NCDC) has expressed willingness to lend at least Rs 3,500 crore to the State for development in cooperative sector during 2018-19.

NCDC Managing Director Sundeep Kumar Nayak has made a proposal to the State Government to extend bigger loan facilities to Odisha as the State has a lot of scope for development in agriculture, cooperation, fisheries, animal resources development and other allied sectors, according to reports. Odisha has so far availed Rs 3,320 crore out of Rs 86,000 crore of loans extended to all States

In fact, the NCDC is interested to lend a total of Rs1 lakh crore and different States have reportedly consented to take more and more loans from it.

All these were revealed at a NCDC meeting held at New Delhi on Tuesday. Representatives from the Odisha Government participated in the meeting.

The NCDC is providing loans at as low as 3.5 per cent rate of interest, which attracts States to take big amounts of loans for development of the above sectors.