Nabard signs MoU with Chaitanya Grameena Bank

Hyderabad, August 14: Nationa l Bank for Agriculture and Rural Development (NABARD), Andhra Pradesh regional office entered into a memorandum of understanding (MoU) with Chaitanya Godavari Grameena Bank (CGGB) on cofinancing in Guntur today. The MoU was signed to increase the flow of ground level credit to agriculture and allied activities in the state. The objective of co-financing is to ensure that borrowers of new and innovative projects get adequate credit and technical support for their new ventures, NABARD, regional office chief general manager P Mohanaiah said in a press release.

The projects with large outlays and long gestation period involving sunrise technologies, would be the thrust areas.

The NABARD so far signed MoUs with AP Grameena Vikas Bank, Saptagiri- Grameena Bank and Deccan Grameena Bank.NABARD is proposing to sign similar MoUs on co-financing with Andhra Pradesh State Cooperative Bank Ltd soon, the release added.

Chaitanya Godavari Grameena Bank has its presence in three districts in the state and operates through 101 branches out of which 11 branches are in urban,28 in semiurban and 62 in rural areas.