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Unfair to NABARD
We are constrained to bring to your notice the accusations against National Bank for Agriculture and Rural Development (NABARD) published in the “Letters” column of EPW on 1 June 2013, “NABARD’s Self-help”, by K G Karmakar, who held various responsible positions in NABARD and was its managing director for five years from May 2006 to May 2011.
We are constrained to bring to your notice the accusations against National Bank for Agriculture and Rural Development (NABARD) published in the “Letters” column of EPW on 1 June 2013, “NABARD’s Self-help”, by K G Karmakar, who held various responsible positions in NABARD and was its managing director for five years from May 2006 to May 2011.
The letter is based on half-truths and twisted facts. The Government of India (GoI) has set up the Rural Infrastructure Development Fund (RIDF) in NABARD to finance infrastructure in rural areas by state governments and state-owned agencies. The fund is governed by the policies of GoI and operational guidelines issued by the Reserve Bank of India (RBI) from time to time. Hence, it would be a travesty of truth to say that NABARD has diverted funds. NABARD has conformed to the guidelines of the GoI and RBI in letter and spirit.
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