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Sep, 14 2018

Government to invite proposals to create NBFC for food processing sector

The NBFC will be set up with an initial corpus of Rs 2,000 crore.

Harsimrat Kaur Badal, Union Minister for Food Processing Industries, has said that the government will invite bids this month for setting up of a non-banking financial company (NBFC), which will cater to credit needs of the food processing sector. The NBFC will be set up with an initial corpus of Rs 2,000 crore.

The Minister said, "The RFP (request for proposal) should be out hopefully this month. The NBFC will be in place by end of the year." 

"Many international funds have shown interest. We will be able to make a consortium of banks to come together to put funds for this financial institution, which will not only lend to food processing sector but will also work towards risk assessment, capacity building and cut food wastage," Badal further added.

In the wake of rising food demand with an increase in the population, Badal stated that some funds may also be utilised for research and development. She also emphasized on the need to partner with the private sector and set up a body to reduce post-harvesting losses. 

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