In a bid to bail out the food processing industry from the current financial crisis, the Government has allocated Rs 1,000 crore to the National Bank for Agriculture and Rural Development (Nabard).
Nabard will utilise the fund to refinance banks that lend to the food processing sector.
“Banks have been advised to provide loans for the fast emerging food processing sector and if need arises, it can reimburse the loan portfolio from Nabard,” Mr Subodh Kant Sahai, Minister of State for Food Processing Industries, said on the sidelines of Foodworld India 2008 – Global convention on Food Business & Industry, organised by the Federation of Indian Chambers of Commerce and Industry.
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