The National Bank for Agriculture and Rural Development (NABARD) on October 23, 2024, issued a circular regarding Refinance Facility - Transformation of PACS as a Multi-Service Centre (MSC) for implementation of projects under the World's Largest Grain Storage Plan (WLGSP) in Cooperative Sector.
The following has been stated: -
•NABARD offers a Special Refinance Facility to support Primary Agriculture Cooperative Societies (PACS) under the World's Largest Grain Storage Plan, relaxing eligibility criteria for StcBs and DCCBs.
•Refinance will be available to those with NABARD risk ratings NBD1 to NBD7, and to those with lower ratings or negative net worth, against fixed deposits as collateral.
•The interest rate is set at 3% per annum, with a repayment period of up to 7 years, including a grace period of 6-24 months.
•All other terms of the Automatic Refinance Facility remain unchanged.
The detailed circular is given in the document below.
[Circular No.232/ DOR -59/ 2024]
