The correct answer is option 'C' - B. Sivaraman Committee and 12 July 1982.

Explanation:
NABARD (National Bank for Agriculture and Rural Development) was established on the recommendations of the B. Sivaraman Committee. The committee was formed to review the arrangements for institutional credit for agriculture and rural development (CRAFICARD).

- The B. Sivaraman Committee was constituted by the Reserve Bank of India (RBI) in 1979 to study the issues related to agricultural credit and rural development.
- The committee submitted its report in 1982, which emphasized the need for a specialized and dedicated institution to cater to the credit requirements of agriculture and rural sectors.
- Based on the recommendations of the committee, NABARD was established on 12 July 1982 as an apex development bank in India.
- NABARD was established under the NABARD Act, 1981, which was passed by the Parliament of India.
- The main objective of NABARD is to promote sustainable and equitable agriculture and rural development by providing credit, development assistance, and other support services to farmers, rural artisans, and entrepreneurs.

NABARD's Functions:
1. Credit Functions:
- NABARD provides credit facilities to various stakeholders in the agriculture and rural sectors, including farmers, self-help groups (SHGs), rural artisans, and businesses.
- It refinances the credit institutions for agricultural and rural development projects.
- It provides short-term, medium-term, and long-term loans to meet the financial requirements of different sectors.

2. Development Functions:
- NABARD provides financial assistance and support for various developmental projects in agriculture and rural sectors.
- It promotes sustainable agricultural practices, rural infrastructure development, and agricultural marketing.
- It provides technical assistance and consultancy services to institutions and stakeholders in the agriculture and rural sectors.

3. Supervisory Functions:
- NABARD supervises and regulates the functioning of cooperative banks, regional rural banks (RRBs), and other financial institutions operating in the rural areas.
- It conducts inspections, audits, and assessments to ensure compliance with regulations and guidelines.
- It provides training and capacity-building programs for the staff of these institutions.

4. Research and Policy Advocacy:
- NABARD conducts research and studies on agriculture and rural development issues.
- It formulates policies and guidelines for various credit and development programs.
- It advocates for policy changes and reforms to promote inclusive and sustainable rural development.

In conclusion, NABARD was established on the recommendations of the B. Sivaraman Committee on 12 July 1982. It plays a crucial role in providing credit, development assistance, and support services for agriculture and rural development in India.