Nabard Net Surplus Up
Agri-bank Nabard reported a 33 per cent increase in post-tax surplus for 2014-15 at Rs. 2,400 crore driven by an increase in its core refinancing activities. The post-tax surplus of the National Bank for Agriculture and Rural Development in 2013-14 was Rs. 1,860 crore. Contribution from PSL shortfall slipped from Rs. 1.60 trillion in FY14 to Rs. 1.07 trillion in FY15 and is estimated to slip further to Rs. 90,000 crore for FY16. For FY16, it will borrow Rs. 50,000 crore from markets, which is Rs. 10,000 crore more than last fiscal, Nabard Chairman H.K. Bhanwala said, explaining that this is possible through the Rs. 700-crore jump in surplus and Rs. 300-crore equity infusion committed by the government. The chairman also said that generating long-term investments in agriculture will be the focus area for the lender, going beyond traditional short-term refinance which it has been doing.