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AINBEA Seeks Parliamentary Support to Channelise Share of RBI Income to NABARD’s National Rural Credit Fund
AINBEA met with MPs in Delhi to seek support for channeling a portion of RBI’s income to NABARD’s National Rural Credit Fund. The move aims to facilitate cheaper rural credit and revive the agricultural sector.
Author: Abhivad
Published: August 10, 2024
The All India NABARD Employees Association (AINBEA) has been actively engaging with Members of Parliament (MPs) in Delhi, seeking their support to channelise a portion of the Reserve Bank of India’s (RBI) surplus income to the National Rural Credit (NRC) Fund of NABARD. This move is aimed at facilitating cheaper rural credit flow, thereby reviving the agro-rural economy.
(AINBEA delegation with Harish Rawat, former Union Minister & former Chief Minister of Uttarakhand)
AINBEA's Appeal to MPs
A team from AINBEA met with several MPs from various political parties from 7 to 9 August, 2024. Among the leaders was Bikash Ranjan Bhattacharya, a Rajya Sabha member of the Communist Party of India- Marxist(CPIM) from West Bengal, who had previously written to Finance Minister Nirmala Sitharaman on 07 August, 2024. Bhattacharya’s letter emphasised the need to reinstate the practice of allocating a portion of RBI’s income to NABARD’s NRC funds, a practice that was halted in 1993.
(AINBEA delegates visit Bikash Ranjan Bhattacharya MP)
He highlighted that the RBI transferred Rs. 2.11 lakh crore to the Government of India in FY 2024, and argued that had 8-9% of this amount been channelled to NABARD, it could have provided approximately Rs. 22,000 crore annually for rural credit.
(AINBEA team with Dharmendra Yadav, MP at Delhi.)
Support from MPs
During the meetings, several MPs, including Amra Ram (CPIM, Lok Sabha, Rajasthan), V. Sivadasan (CPIM, Rajya Sabha, Kerala), Dean Kuriakose (INC, Lok Sabha, Kerala), and others, assured their support for AINBEA’s cause. They praised AINBEA’s efforts to strengthen NABARD, the rural economy, and Indian agriculture, and pledged to raise the issue in Parliament.
(AINBEA delegation meets Amraram, Lok Sabha MP from Rajasthan)
Call for Income Tax Waiver
In his letter, Bikash Ranjan Bhattacharya also called for waiving NABARD’s income tax liability, which amounted to nearly Rs. 2,000 crore in FY 2024. He suggested creating a dedicated fund within NABARD to use these savings for reducing interest rates for farmers.
(AINBEA delegation with K. Radhakrishnan MP)
AINBEA’s team, which included General Secretary Rana Mitra, Chanderkant Srivastava(Secretary), K P Baburaj(Secretary) and V Rajesh(Treasurer), plans to approach additional MPs, including those from the ruling party, to further highlight these issues and gather broader support.