Main Objective of NABARD
The main objective of the National Bank for Agriculture and Rural Development (NABARD) is to promote sustainable agriculture and rural development in India. Here are the key aspects of NABARD’s objective:
- Providing credit: NABARD provides credit facilities to agriculture and allied activities in rural areas. The bank provides refinance facilities to commercial banks, regional rural banks (RRBs), and other financial institutions for lending to farmers, rural artisans, and small-scale industries.
- Promoting rural development: NABARD aims to promote rural development through various activities such as building rural infrastructure, promoting rural entrepreneurship, and developing rural markets. The bank provides technical assistance and training to farmers and rural entrepreneurs to help them adopt modern farming practices and to promote rural entrepreneurship.
- Encouraging sustainable agriculture: NABARD promotes sustainable agriculture practices by encouraging farmers to adopt eco-friendly farming practices and by promoting the use of renewable energy in farming.
- Regulating and supervising RRBs and cooperative banks: NABARD regulates and supervises RRBs and cooperative banks to ensure that they comply with regulatory guidelines and maintain financial soundness.
- Providing research and development support: NABARD conducts research and development activities in agriculture and rural development and provides support for research and development projects to promote sustainable agriculture and rural development.
Overall, NABARD’s main objective is to promote sustainable agriculture and rural development in India by providing credit, promoting rural development, encouraging sustainable agriculture, regulating and supervising rural banks, and providing research and development support.
