State-owned National Bank for Agriculture and Rural Development (NABARD) has reportedly said it is planning to raise about Rs 55,000 crore from the domestic market in the current financial year to fund its organisation's growth and also support various agricultural and rural development schemes of the government.

"The borrowing from the market will be similar to last financial year. We intend to raise about Rs 55,000 crore through the public platform from the domestic market in 2019-20," news agency PTI quoted Nabard Chairman Harsh Kumar Bhanwala as saying. The apex financial institution has already raised Rs 12,000 crore during the March quarter, he said.

The development bank raises funds through long term bonds, generally of 10-15 years tenures. In 2018-19, Nabard raised Rs 56,069 crore through non-convertible debentures, of which Rs 33,169 crore was used for the government schemes and the remaining for its own funding requirements. In the last financial year, Nabard's loan portfolio expanded nearly 22 per cent to Rs 4.32 lakh crore, while assets under management (AUM) of the bank grew 20 per cent year-on-year to Rs 4.87 lakh crore.

Over the years, NABARD, which is 100 per cent owned by the government, made numerous interventions in multiple domains of agriculture and rural development and technological advancement. NABARD supports various government schemes such as Swachh Bharat Abhiyaan Pradhan Mantri Awas Yojana, and Pradhan Manti Krishi Sinchai Yojana.

(With PTI inputs)

Edited by Chitranjan Kumar

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