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Annual Report of the Board of Directors on the Working of National Bank During the Year Ended 31St March 2005

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Annual Report of the Board of Directors on the Working of National Bank During the Year Ended 31St March 2005 abbrivations CMYK Letter of Transmittal NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT Plot: C-24/‘G’, Bandra-Kurla Complex Post Box: 8121, Bandra (East) Mumbai - 400 051. Chairperson Ref.No.NB.Secy./1319/C.7/2005-06 14 July 2005 23 Ashadha 1927 (Saka) The Secretary Government of India Ministry of Finance Department of Economic Affairs New Delhi-110 001 The Governor Reserve Bank of India Central Office Mumbai- 400 001 Dear Sir In pursuance of Section 48(5) of the National Bank for Agriculture and Rural Development Act, 1981, I transmit herewith the following documents : i. A copy of the audited Annual Accounts for the year ended 31st March 2005 together with a copy of the Auditors’ Report; and ii. Two copies of the Annual Report of the Board of Directors on the working of National Bank during the year ended 31st March 2005. Yours faithfully Ranjana Kumar CMYK 1 CMYK Contents Page No. Board of Directors NABARD at a Glance Highlights ................................................................................................................................................................................ 1 I. Rural Economic Environment and Policy Issues ............................................................................................. 14 • Global and Asian Economies ........................................................................................................................... 14 • Indian Economy .............................................................................................................................................. 15 II. Development Initiatives....................................................................................................................................... 27 • Farm Sector ...................................................................................................................................................... 27 • Non-Farm Sector.............................................................................................................................................. 33 • Micro-Finance .................................................................................................................................................. 38 • Research and Development Activities .............................................................................................................. 44 • Training Personnel of RFIs ............................................................................................................................... 47 III. Business Operations ............................................................................................................................................. 48 • Agricultural Credit ............................................................................................................................................ 48 • Refinance support for Production and Investment Credit ................................................................................. 52 • Externally Aided Projects ................................................................................................................................. 68 • Loans under Rural Infrastructure Development Fund ...................................................................................... 72 • NABARD Consultancy Services ....................................................................................................................... 77 • Management of Resources ............................................................................................................................... 79 IV. Capacity Building of Client Institutions ........................................................................................................... 84 • Institutional Development ................................................................................................................................ 84 • Supervision over Banks ................................................................................................................................... 99 V. Organisation and Management ........................................................................................................................ 103 Auditors’ Report ................................................................................................................................................................. 109 Balance Sheet .................................................................................................................................................................... 110 Profit and Loss Account 2004-05 .................................................................................................................................. 111 Consolidated Financial Statements 2004-05 .............................................................................................................. 130 Principal Officers ............................................................................................................................................................... 135 Regional Offices/Sub-Office/Training Establishments ................................................................................................. 137 Abbreviations ...................................................................................................................................................................... 139 Boxes 1.1 Union Budget 2005-06: Agriculture and 3.1 Strategy for Doubling Rural Credit Flow ...................49 Rural Sector ............................................................ 19 3.2 Study on Rural Non-Farm Sector ..............................61 1.2 Expert Group on Credit - Deposit Ratio: 3.3 Rural Housing Scheme for Tsunami Victims .............61 Major Recommendations ........................................21 3.4 From Lab to Land .....................................................62 1.3 Expert Group on Investment Credit to Agriculture - Terms of Reference ............................22 3.5 Marketing Manager to Agripreneur - A Journey ..................................................................63 1.4 Foreign Trade Policy 2004-09: Agricultural Trade ................................................... 24 3.6 Accretion to Rural Infrastructure and Employment .......................................................74 2.1 PPID - Blocks Selected............................................ 28 3.7 Sectoral Studies - Major Findings .............................75 2.2 Mid-term Evaluation of DRIP .................................34 3.8 Evaluation Studies of RIDF Projects - 2.3 Institutionalisation of REDPs - Feedback....................................................................76 Partnership with Banks...........................................35 3.9 Capital Gains Bonds - Initiatives ..............................80 2.4 REDP for Ex-Servicemen: NABARD-ARC Initiative .........................................36 4.1 Farmers’ Clubs: Impact .............................................98 CMYK abbrivations CMYK NABARD AT A GLANCE (Rs. crore) Sources of Funds Uses of Funds As at end- March Net As at end- March Net 2004 2005 accretion 2004 2005 utilisation Capital 2,000 2,000 - Cash and Bank Balance 2,900 5,478 2,578 Reserves and Surplus 5,291 6,199 908 Investments in a) GoI Securities 2,271 4,755 2,484 NRC ( LTO ) Fund 13,070 13,152 82 b) ADFC Equity 16 16 - c) AFC Equity 1 1 - NRC (Stabilisation) Fund 1,500 1,511 11 d) SIDBI Equity 30 48 18 e) AICI Ltd. 60 60 - f) NCDEX Ltd. 4 4 - g) Nabcons 5 5 - Deposits 62 56 -6 h) Mutual Funds and others 25 248 223 Bonds and Debentures 11,883 17,204 5,321 Loans & Advances a) Production and Borrowings from GoI 563 404 -159 Marketing Credit 5,598 8,307 2,709 b) Conversion of Production Credit into MT Loans 633 365 -268 Borrowings from RBI (GLC) 4,194 3,927 -267 c) Liquidity Support - 808 808 Corporate Borrowings 2,500 4,300 1,800 d) MT Investment Credit 5 3 -2 e) Other Investment Credit Foreign Currency Loan 297 297 - i) MT & LT Project Loans 28,079 27,942 -137 RIDF Deposits 12,089 9,169 -2,920 ii) LT Non-project Loans 460 406 -54 e) Other Loans 11 11 - Other Liabilities 1,641 1,616 -25 f) Loans out of RIDF 14,004 10,513 -3,491 Fixed Assets 245 235 -10 Other Funds 799 944 145 Other Assets 1,542 1,574 32 Total 55,889 60,779 4,890 Total 55,889 60,779 4,890 CMYK 1 CMYK Highlights Rural Economic Environment and Policy Issues The recovery process of the global economy that began 5. The agricultural credit provided by co-operative during 2002-03 continued during 2004-05 despite a banks, commercial banks and RRBs increased by 25 per slight decrease in its momentum. This can be attributed cent and reached Rs.86,981 crore during 2003-04, to the consistent high prices of oil and resulting compared to Rs.69,560 crore during 2002-03. It is inflationary pressure that affected both the world and estimated that the ground level credit flow to agriculture the Indian economies during the year. and allied activities would have reached Rs.1,15,242.81 crore during 2004-05, which is 32.5 per cent more than Indian Economy that in the previous year as also more than the targeted 2. The performance of the Indian economy slowed growth of 30 per cent for 2004-05. down during 2004-05, with an estimated GDP growth of 6. There has been an increase in both the outreach 6.9 per cent as against 8.5 per cent during 2003-04, on and flow of credit to the agriculture sector over the years, account of significant
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