The allocated funds must have reached banks by now: NABARD official
Vexed with the increasing power crisis, D. Subramanyeswar Rao, a retired headmaster from Poranki, has a 200-watt domestic solar power device installed to tide over power crisis.
Lured by the huge subsidy and low interest rate on loans being extended by public sector banks for installation of solar power devices, Mr. Rao invested Rs.64,000 with an intention to avail himself of the subsidy and the loan facility after installation of the device. He then made an application to the Andhra Bank branch near Siris Company for subsidy and loan facility in the first week of February. “I have been going around the bank for the last couple of months, but the officials tell me that there is little they can do about it as they have already forwarded my application to the authorities concerned,” he says.
Efforts to clear the haze by approaching New and Renewed Energy Development Corporation of Andhra Pradesh (NREDCAP) District Manager Srinivasa Rao did not yield any result as the latter said solar power devices up to 200 watts came under purview of the National Bank for Agriculture and Rural Development (NABARD), facilitating agency for Ministry of New and Renewable Energy (MNRE) which has launched an ambitious solar power programme that mandates for subsidy for solar lighting and solar PV systems of smaller capacity.
Mr. Rao awaits sanction of Rs.22,000 towards subsidy and an additional Rs.30,000 towards loan. While sources indicate that the initial enthusiasm of loan and subsidy disbursement for solar power plants by the NABARD had diminished over time, the huge amount of subsidy spurring a number of people to opt for the facility coupled with staff shortage at the MNRE is said to have slowed down the programme implementation.
Clarifying the issue, NABARD Assistant General Manager N. Madhumurthy says the MNRE issued the circular very recently. “The allocated funds must have reached the banks by now. It was put on internet some time back, but the hard copy takes time to reach the respective offices,” he says.