New Delhi: National Bank for Agriculture and Rural Development (Nabard) said it plans to raise about Rs 55,000 crore from the market in the current fiscal to fund its business 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," Nabard chairman Harsh Kumar Bhanwala said, adding, Nabard has already raised Rs 12,000 crore from the market in the first quarter of the current financial year. The financial institution raises funds through long term bonds - usually of 10-15 years tenures.
Last financial year, Nabard raised a total of Rs 56,069 crore through non-convertible debentures, of which Rs 33,169 crore was for the government schemes and the remaining was for the organisation's own funding requirements.
