No Proposal To Lower Nabard’s Refinance Rate: Geete

New Delhi, July 30: | Updated: Jul 31 2002, 05:30am hrs
The government has no proposal at present to lower the refinance rate of the National Bank of Agriculture and Rural Development (Nabard), Rajya Sabha was informed on Tuesday. However, on request from state governments, Nabard has slashed the refinance rate for Rural Infrastructure Development Fund (RIDF) from 13 per cent under the first tranche to 8.5 per cent per annum under RIDF-VIII tranche, minister of state for finance Anant G Geete said in a written reply.

“Nabard provides refinance facilities for production credit to banks at rates ranging between 5.5 per cent and 7.5 per cent per annum.......There is no proposal at present to further bring down the rate of interest on refinance,” the minister said. In reply to a question about NSE, Mr Geete said: “Non-compliance of various provisions of the listingagreement lead to suspension of 16 companies from being traded on the National Stock Exchange (NSE).”

“The 16 companies..... were suspended for non-compliance with various provisions of the listing agreement such as non-submissions of unaudited quarterly results, non-submission of corporate governance report, non-submission of share holding pattern, non-submission of holding of promoters and persons acting in concert

under clause 40A of the listing agreement an non-submission of board meeting notice,” he said.