What is National Bank For Agriculture and Rural Development
The National Bank for Agriculture and Rural Development (NABARD) is a specialized development bank established by the Government of India to promote agriculture and rural development. Here are some key pointers to understand NABARD’s role in India:
- NABARD was established on July 12, 1982, under the National Bank for Agriculture and Rural Development Act, 1981.
- The bank’s primary objective is to provide credit and other financial support to agriculture, rural development, and related sectors in India.
- NABARD provides various financial products and services, including refinance to banks and financial institutions, direct lending to farmers and rural entrepreneurs, and development of rural infrastructure.
- The bank also plays a key role in promoting agriculture and rural development by providing technical assistance, training, and research support to various stakeholders.
- NABARD works closely with state governments, banks, and other institutions to implement various development schemes and programs, such as the Rural Infrastructure Development Fund (RIDF), Watershed Development Fund (WDF), and Rural Entrepreneurship Development Program (REDP).
- NABARD is also responsible for regulating and supervising regional rural banks (RRBs) and cooperative banks to ensure their financial soundness and compliance with regulatory guidelines.
- The bank has a nationwide presence with its headquarters in Mumbai and 31 regional offices across India.
Overall, NABARD plays a crucial role in promoting agriculture and rural development in India by providing credit and other financial support, promoting infrastructure development, and providing technical assistance and training to various stakeholders.
