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National Bank for Agriculture and Rural Development

         National Bank for Agriculture and Rural Development (NABARD) is an apex development bank in India, headquartered at Mumbaiwith branches all over India.The Bank has been entrusted with "matters concerning policy, planning and operations in the field of credit for agriculture and other economic activities in rural areas in India". NABARD is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion.

         NABARD was established on the recommendations of B.Sivaraman Committee, (by Act 61, 1981 of Parliament) on 12 July 1982 to implement the National Bank for Agriculture and Rural Development Act 1981.

Role:

NABARD has been instrumental in grounding rural, social innovations and social enterprises in the rural hinterlands.

1.NABARD is the most important institution in the country which looks after the development of the cottage industry, small scale industry and village industry, and other rural industries.

2.NABARD also reaches out to allied economies and supports and promotes integrated development.

3.NABARD discharge its duty by undertaking the following roles :

  • Serves as an apex financing agency for the institutions providing investment and production credit for promoting the various developmental activities in rural areas
  • Takes measures towards institution building for improving absorptive capacity of the credit delivery system, including monitoring, formulation of rehabilitation schemes, restructuring of credit institutions, training of personnel, etc.
  • Co-ordinates the rural financing activities of all institutions engaged in developmental work at the field level and maintains liaison with Government of India, state governments, Reserve Bank of India (RBI) and other national level institutions concerned with policy formulation
  • Undertakes monitoring and evaluation of projects refinanced by it.
  • NABARD refinances the financial institutions which finances the rural sector.
  • NABARD partakes in development of institutions which help the rural economy.
  • NABARD also keeps a check on its client institutes.
  • It regulates the institutions which provide financial help to the rural economy.
  • It provides training facilities to the institutions working in the field of rural upliftment.
  • It regulates the cooperative banks and the RRB’s, and manages talent acquisition through IBPS CWE.

NABARD's refinance is available to state co-operative agriculture and rural development banks (SCARDBs), state co-operative banks (SCBs), regional rural banks (RRBs), commercial banks (CBs) and other financial institutions approved by RBI.

The overall GDP is estimated to grow at 8.4 per cent. The Indian economy as a whole is poised for higher growth in the coming years. Role of NABARD in overall development of India in general and rural & agricultural in specific is highly pivotal.

 

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Prelims Question of the Day

With reference to 'Natural Rate of Unemployment', consider the following statements.

1. It is the level of unemployment in an economy that is just consistent with a stable rate of Inflation.

2. It is the unemployment that prevails when all markets in the economy are in equilibrium.

 

(a)1 and 2

(b)2 only

(c)1 only

(d)None of the above

Mains Question of the Day

1.GS-No party in power can afford to ignore Directive Principles of State Policy. Comment.(200 Words)

2.Political Science - Explain the role of non state actors, like IMF, World Bank, European Union and MNCs, in modulating and transforming the broad dynamics of international relations. (250 Words).

3.SOCIOLOGY - What is the impact of Globalization on the structure and mobilization of the working class in India? (250 Words).

Sociology - Thinkers