The first tripartite Memorandum of Agreement was signed between the department of Fisheries Government of India, NARBARD and the Government of Tamil Nadu for the implementation of Fisheries and Aquaculture Development Fund (FIDF). FIDF provides concessional finance to the eligible entities, cooperatives, individuals and entrepreneurs for development of identified fisheries infrastructure. The National Bank for Agriculture and Rural Development (NARBARD), National Cooperatives Development Corporation (NCDC) and all scheduled banks are Nodal Loaning entities (NLEs) to provide concessional finance under the FIDF.
Daily Current Affairs Quiz 2019
The Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying under the FIDF provides interest subvention up to 3% per annum for providing the concessional finance by the NLEs at the interest rate not lower than 5% per annum. NABARD as one of the Nodal Loaning Entities (NLEs) provides concessional finance for development of fisheries infrastructure facilities through State Governments/State Entities under the FIDF, after execution of the Tripartite MoA.
