NABARD Full Form
NABARD Full Form – What is NABARD? It is an governmental organisation that was established on 12 July 1982 by an act of parliament to implement the National Bank for Agriculture and Rural Development Act 1981.
|National Bank Agriculture & Rural Development|
What is the NABARD? The NABARD’s Role in the Indian Economy
It is an governmental organisation that was established on 12 July 1982 by an act of parliament to implement the National Bank for Agriculture and Rural Development Act 1981.
Who is the NABARD?
The NABARD’s role in the Indian economy is to provide a variety of financial and credit products and services to rural as well as urban areas. At present, the organization has 34 districts under its jurisdiction and is headed by the president.
Why was the NABARD created?
The National Bank for Agriculture and Rural Development Act was the first comprehensive rural development legislation introduced by any country. This law empowered the NABARD to assist its beneficiaries through banking channels, provide credit and insurance facilities. How does NABARD operate? It is an autonomous body governed by the NABARD Act, 1982, that provides for a Chairman, a Board of Directors and a General Manager. The Board is appointed by the Government of India and the General Manager is appointed by the Government of Maharashtra. What is its primary objective? The primary objective of the NABARD is to facilitate and improve the capacity of the rural poor, particularly Dalits and other socially and economically backward classes to lift themselves out of poverty.
What does the NABARD do?
It undertakes a number of important functions, particularly: Operation of a rural banking network Introduction of financial services in rural areas Facilitation of credit to agricultural sector The tasks of the NABARD are carried out by its several autonomous institutions like the Rural Development Trust Fund (RDTF) or Rural Development Bank (RDBL) and the Agri-Credit Committees (ACC) or the Credit Guarantee Fund for Agriculture and Rural Development (CGF). What is the role of the NABARD in Punjab and Haryana? The NABARD has been working closely with the Punjab and Haryana governments since 1983 in developing and funding agricultural infrastructure. They work on a bi-state-basis in Punjab and Haryana.
How does the NABARD work?
It is responsible for the regulation and regulation of rural and urban micro finance, rural banking, small scale business lending, rural cooperative banking and rural merchant banking. The National Bank for Agriculture and Rural Development Act was enforced in 1981 and NABARD was established to carry out this act and implement it. It became operational in 1982. NABARD was established with the objective of promoting agriculture and rural development, poverty alleviation and industrial development. NABARD is authorised by the government to lend up to a maximum of 20% of the net worth of a rural cooperative from its own income. NABARD makes rural credit accessible to economically weaker sections of the society by providing short-term credit on concessionary rates.
As per the prevailing regulations of the Reserve Bank of India, the NABARD can create, acquire, and lend its money to or on behalf of the government, statutory corporations, banks and other financial institutions. All banks in the country that have their regional offices based in Delhi can access the NABARD.