Which of the following steps is required for the release of the final subsidy by NABARD?
Select the correct answer, and then click Submit.
A. Submission of application by branches to CO
B. Advance Subsidy (50%) - 90 days from date of release of loan
C. Submission of final Subsidy claims along with Joint Monitoring Inspection (JMI) report
D. CO to submit the application through the ENSURE portal of NABARD
Answer (2)
The correct step for the release of the final subsidy by NABARD is the submission of final subsidy claims along with the Joint Monitoring Inspection report. This process ensures that the project meets the required standards for subsidy disbursement. Both components are crucial in verifying compliance with NABARD's guidelines.
;
The final subsidy release by NABARD (National Bank for Agriculture and Rural Development) involves specific steps that need to be completed as part of the procedure for financial assistance in various projects.
The correct step from the given options for the release of the final subsidy is (C) Submission of final Subsidy claims along with Joint Monitoring Inspection (JMI) report .
This step is crucial as it ensures that the project has been monitored and inspected jointly by the relevant authorities to verify that all the terms and conditions for the subsidy have been met. The Joint Monitoring Inspection (JMI) report is essential as it confirms that the project is progressing as intended or has been completed satisfactorily.
Here's a brief explanation of why this step is necessary:
Verification of Progress : The JMI report serves as proof that the project funded by the loan and subsidy is on track or has been successfully completed according to the agreed plans.
Transparency and Accountability : By requiring this report, NABARD ensures transparency in how the funds are utilized and holds the parties accountable for their commitments.
Release of Funds : Only after receiving and verifying the final subsidy claims and the JMI report does NABARD proceed with the disbursement of the remaining subsidy amount.
Understanding these steps is critical for anyone involved in projects financed by NABARD to ensure compliance and proper funding allocation.
