The full form of NABARD is the National Bank for Agriculture and Rural Development. It was founded on July 12, 1982, as a result of parliamentary legislation that implemented the National Bank for Agriculture and Rural Development Act of 1981.
It is an apex development community that offers a loan flow service to small-scale rural firms in the manufacturing, agriculture, cottage industry, and other sectors. The headquarters of NABARD is in Mumbai, Maharashtra, and it maintains offices all around the nation.
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A brief history of NABARD
- On July 12, 1982, NABARD was established per the Shivaraman Committee’s recommendation.
- The National Bank for Agriculture and Rural Development Act of 1981 was established and put into effect.
- The founding capital of NABARD was Rs. 100 crore.
Functions of NABARD
A collection of certain impressive NABARD functions is provided below:
- It acts as the primary funding source for several rural development initiatives.
- It refines and regulates the financial institutions that support the rural sector.
- Cooperative banks and the RRB S regulate it, and IBPS controls inventiveness through CWE.
- Rural development organisations, it provides educational facilities.