Dear Reader, You should know that NABARD supports rural India by increasing the credit flow for development of agriculture. Below are 20 facts which every candidate must know. This list will help you in banking awareness section.
- National Bank for Agriculture and Rural Development (NABARD) is an apex development bank in India.
- NABARD replaced the Agricultural Credit Department (ACD) and Rural Planning and Credit Cell (RPCC) of Reserve Bank of India, and Agricultural Refinance and Development Corporation (ARDC).
- The Committee to Review Arrangements for Institutional Credit for Agriculture and Rural Development (CRAFICARD) was set up by the Reserve Bank of India (RBI).
- NABARD was established on the recommendations of Shri B. Shivaraman Committee.
- NABARD was established by an Act of Parliament on 12 July 1982 to implement the National Bank for Agriculture and Rural Development Act 1981.
- Headquarters of NABARD is situated in Mumbai, Maharashtra, India.
- The Present Chairman of NABARD is Dr. Harsh Kumar Bhanwala.
- NABARD is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion.
- The main aim behind to set up NABARD was to strengthen rural India by increasing the credit flow for elevation of agriculture & rural non farm sector.
- NABARD was dedicated to the service of the nation by the late Prime Minister Smt. Indira Gandhi on November 5, 1982.
- NABARD was set up with an initial capital of Rs. 100 crores.
- NABARD was set up essentially as a development bank for promoting both Agriculture Development and Rural Development.
- The main function of NABARD is to provide refinance for rural credit disburses by the State Co-operative Banks and The Regional Rural Banks and other financial institutions as may be approved by the Reserve Bank of India.
- NABARD is the most important institution in the country which looks after the development of the cottage industry, small industry and village industry, and other rural industries.
- NABARD helps the state governments in reaching their targets of providing assistance to eligible institutions in agriculture and rural development.
- NABARD also reaches out to allied economies and supports and promotes integrated development.
- It regulates the institutions which provide financial help to the rural economy.
- NABARD acts as a regulator for cooperative banks and RRBs.
- NABARD is also known for its ‘SHG Bank Linkage Programme’ which encourages India’s banks to lend to self-help groups (SHGs). SHGs are composed mainly of poor women.
- NABARD is considered as 100% Corporate Social Responsibility (CSR) Company.
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Banking Awareness: 20 Important Facts About NABARD