National Bank for Agriculture and Rural Development has released a loan for setting up storage-cum-ripening unit to benefit banana cultivators of Varadarajapuram near Thottiyam in the district.

The NABARD has released the loan to the Primary Agricultural Cooperative and Credit Society at Varadarajapuram through the Tiruchi District Central Cooperative Bank (TDCCB). The total cost of the unit is Rs.27.46 lakh. Apart from a credit flow of Rs.23.70, NABARD has also sanctioned a grant of Rs.1.12lakh, while the balance Rs.2.63lakh has been contributed by the banana cultivators cum members of the society.

Speaking after handing over the loan document to S.Saravanan, secretary of the society, at a function held in the city on Thursday, Lalitha Venkatesan, Chief General Manager, Tamil Nadu and Puducherry, NABARD, said that this was the first document being released in the State under its ‘producer organisations development fund' scheme. She appreciated the joint endeavour taken by the members of society and the TDCCB .