NCDC secures Rs. 600 crores loan from Germany’s Deutsche Bank

An agreement in this regard was inked between NCDC and Germany’s largest bank, Deutsche Bank, in the presence of the Union Agriculture Minister Narendra Singh Tomar.

Created On: Apr 14, 2021 16:17 ISTModified On: Apr 14, 2021 16:17 IST
NCDC agreement with Deutsche Bank

The Agriculture Ministry informed on April 13, 2021, that National Cooperative Development Corporation- NCDC, in a first, has secured a loan of Euro 68.87 million (Rs. 600 crores) from Deutsche Bank for the onward lending to cooperatives in India.

An agreement in this regard was inked between NCDC and Germany’s largest bank, Deutsche Bank, in the presence of the Union Agriculture Minister Narendra Singh Tomar.

While speaking on the occasion, the Agriculture Minister stated that Prime Minister Modi has given a new vision to the country’s agrarian landscape and to the economic relations with Germany.

The Union Minister also presided over the signing of an agreement between the NCDC and the Indian Chamber of Commerce- ICC in order to boost the farmers’ linkages with the markets.

Key Highlights:

For the first time, one of the largest European Banks in the world is lending to NCDC reflecting the confidence in the Indian development finance institution, particularly at a time when pandemic has made lending a challenging proposition.

The farmer producer organisations being set up in India will be able to access easier credit and market through the NCDC agreement with Deutsche Bank and ICC. It will help small and marginal farmers.

The initiative by Deutsche Bank in India is one of the many key business interests shown by the German companies in the country.

Kailash Choudhary and Parshottam Ruapala, ministers of state for agriculture and farmers welfare, were also present on the occasion.

About NCDC:

The National Cooperative Development Corporation is a development finance statutory institution under the Agriculture Ministry. Since 2014, the corporation has extended loans to the tune of Euro 16 billion to cooperatives of various sizes.

NCDC, with zero net NPA, has a pan India presence with its 18 regional directorates serving all the states.

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