Date:06/08/2005 URL: http://www.thehindubusinessline.com/2005/08/06/stories/2005080602380600.htm

Back BoI ties up with Nabard arm to fund projects

Our Bureau

Mr M. Balachandran, Chairman and Managing Director, Bank of India (right); Ms Ranjana Kumar, Chairperson, Nabard; and Mr Y.S.P. Thorat, Chairman, Nabcons, at the signing of MoU in Mumbai on Friday. — Shashi Ashiwal

Mumbai , Aug 5

BANK of India has tied up with Nabard Consultancy Services (Nabcons), a subsidiary of Nabard, for financing agricultural projects. This will include appraisal of agricultural related projects, micro-finance activities and capacity building.

The Memorandum of Understanding was signed by Mr M. Balachandran, Chairman and Managing Director, Bank of India, and Mr Y.S.P. Thorat, Chairman, Nabcons.

According to the agreement, Nabcons will provide the technical expertise for the appraisal of the agriculture projects, while Bank of India will provide the finance.

This would enhance credit flow to new agriculture projects which would lead to capital formation, employment and income generation in rural areas, said Mr Balachandran.