The Full Form of NABARD is National Bank for Agricultural and Rural Development.
The economic rate of India is growing gradually, and behind this phenomenal rise of new India is an initiative taken by the government through an institution like NABARD. India’s apex cooperative bank and the regional rural bank are owned and controlled by NABARD.
It is a development institute specializing in the growth of the rural area in small businesses, agriculture, handicraft, shops, etc.
NABCONS and NABFINS are the subsidiaries of NABARD
NABCONS: This department provides consultancy and training services in rural areas.
NABFINS: This department provides financial services in rural areas.
NABARD Brief History
NABARD was established on the year 12th July 1982, under the guidance of B. Sivaraman and the Reserve Bank of India. The committee’s name is “Shivaraman Committee,” also known as the Craficard committee. It started with the purpose of providing financial support to agriculture and rural development.
The initial investment was 100 crores (73% from R.B.I., 27% from G.O.I.), and now G.O.I. owns 100% and R.B.I. 0%.
Roles and Responsibility of NABARD
- It started as a refinancing institution for rural credit but branched into multiple sectors like rural economy, policy planning, and project execution over the years.
- K.C.C. (Kisan Credit Card) has been launched to simplify the process of lending.
- The rural development fund is one of the largest channels for funding infrastructure in rural India. It has supported investment in areas like irrigation, rural roads, bridges, and modern warehousing facilities.
- The main aim of NABARD is to ensure the timely execution of incomplete irrigation projects.
Functions of NABARD
- Financial, Developmental, and Supervision departments are responsible for making our country financially strong.
- NABARD deals in theoretical and practical, so practices in-farm and the off-farm sector are compulsory.
- Indian farmers are typically small farmers with little land unable to generate profit individually; that’s why NABARD formed a group of farmers to solve this problem.
- Consultant and financial support from international due to partnership with NABARD, help develop rural people and implement advanced technology.
- NABARD has brought more than 200 cooperative banks with almost 7000 branches across the country fully into the C.B.S. platform through cloud computing. It will ensure government subsidiaries and payments directly into the bank account of its customers.
- The district development manager of NABARD works with different officers, administrators, and banks to overcome challenges.
Objective of NABARD
Main objective is to bring the general public on the path of progress, so the participation and cooperation of the general public play the most important role.
NABARD is working continuously with the government, and every effort is being made to solve the basic problem of the Indian people. State government with aligned departments, banks, multilateral, bilateral, NBFCs, over 4000 civil society organizations, nearly 1500 farmer’s clubs, universities, and corporations shared NABARD’s vision of rural prosperity.