The Asian Development Bank is set to approve a $1 billion rural finance project in India aimed at strengthening credit access of the rural poor. The project, to be implemented by the National Bank for Agriculture and Rural Development (NABARD) targets rural cooperatives to provide more efficient financial assistance to small and marginalized farmers and other low income rural population. State and district cooperative banks and primary cooperative societies in the country are in shambles due to lack of sound financial practices. Rajat Nag, Managing Director General and Special Advisor to ADB President said that the project is one of the largest to be financed by ADB and is set for the Board?s approval on December 8. (Source: ADB to mull 1 bn dollar rural finance project for India on Dec 8/ Press Trust of India)
