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NCDC secures 68.87-million euro loan from Deutsche Bank

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New Delhi, Apr 13 (MNN) The National Cooperative Development Corporation (NCDC) has secured a loan of 68.87 million euros (Rs 600 cr) from Deutsche Bank for onward lending to cooperatives in the country.
An agreement to this effect was inked between NCDC and Germany’s largest bank in the presence of Union Agriculture Minister Narendra Singh Tomar in New Delhi on Tuesday.
The Minister also presided over the signing of the agreement between the Indian Chamber of Commerce and NCDC to boost farmers’ linkages with markets.
The Minister said that Prime Minister Narendra Modi has given a new vision to India’s agrarian landscape and her economic relations with Germany.
The farmer producer organisations across the country would be able to access easier credit and markets through the NCDC’s agreements with the ICC and Deutsche Bank, and thus help small and marginal farmers, he added.
The government said that it is for the first time that one of the largest European banks in the world is lending to the NCDC, thus reflecting the confidence of the global financial institution in the Indian development finance institution, particularly at a time when global economic turmoil created by Covid-19 crisis has made lending a challenging proposition.
Deutsche Bank’s initiative in India is just one of the many key business interests shown by German companies in India over the years.
More than 1,700 German companies are presently active in India, providing around 4,00,000 direct and indirect jobs. Germany is India’s largest trading partner in Europe and among India’s top ten global trade partners.

Set up in 1963, the NCDC is a development finance statutory institution under the Ministry of Agriculture and Farmers Welfare.
It has extended loans to the tune of 16 billion euros to Indian cooperatives of various sizes since 2014. With zero net NPA, the NCDC has pan-India presence with 18 regional directorates catering to all the states.
Union Ministers of State Parshottam Ruapala and Kailash Choudhary, DAC&FW Secretary Sanjay Agarwal, NCDC MD Sundeep Kumar Nayak, and NCUI President Dileep Sanghani were also present on this occasion.

 

New Delhi, Apr 13 (MNN) The National Cooperative Development Corporation (NCDC) has secured a loan of 68.87 million euros (Rs 600 cr) from Deutsche Bank for onward lending to cooperatives in the country.
An agreement to this effect was inked between NCDC and Germany’s largest bank in the presence of Union Agriculture Minister Narendra Singh Tomar in New Delhi on Tuesday.
The Minister also presided over the signing of the agreement between the Indian Chamber of Commerce and NCDC to boost farmers’ linkages with markets.
The Minister said that Prime Minister Narendra Modi has given a new vision to India’s agrarian landscape and her economic relations with Germany.
The farmer producer organisations across the country would be able to access easier credit and markets through the NCDC’s agreements with the ICC and Deutsche Bank, and thus help small and marginal farmers, he added.
The government said that it is for the first time that one of the largest European banks in the world is lending to the NCDC, thus reflecting the confidence of the global financial institution in the Indian development finance institution, particularly at a time when global economic turmoil created by Covid-19 crisis has made lending a challenging proposition.
Deutsche Bank’s initiative in India is just one of the many key business interests shown by German companies in India over the years.
More than 1,700 German companies are presently active in India, providing around 4,00,000 direct and indirect jobs. Germany is India’s largest trading partner in Europe and among India’s top ten global trade partners.

Set up in 1963, the NCDC is a development finance statutory institution under the Ministry of Agriculture and Farmers Welfare.
It has extended loans to the tune of 16 billion euros to Indian cooperatives of various sizes since 2014. With zero net NPA, the NCDC has pan-India presence with 18 regional directorates catering to all the states.
Union Ministers of State Parshottam Ruapala and Kailash Choudhary, DAC&FW Secretary Sanjay Agarwal, NCDC MD Sundeep Kumar Nayak, and NCUI President Dileep Sanghani were also present on this occasion.

 

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