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Which of the following institutes is the apex body for rural credit and agricultural finance?
- a)Reserve Bank of India
- b)Regional Rural Banks
- c)SIDBI
- d)NABARD
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
Which of the following institutes is the apex body for rural credit an...
NABARD (National Bank for Agriculture and Rural Development) is the apex body for rural credit and agricultural finance in India. It was established in 1982 under the provisions of the NABARD Act of 1981. The main objective of NABARD is to promote sustainable and equitable agriculture and rural prosperity through effective credit support, related services, institutional development and other innovative initiatives.
Functions of NABARD:
1. Credit functions: NABARD provides credit facilities to farmers, rural artisans, entrepreneurs, and other rural individuals and institutions through various schemes.
2. Development functions: NABARD provides development assistance to various institutions for the promotion of agriculture and rural development. It also provides technical assistance and consultancy services to various agencies.
3. Supervisory functions: NABARD supervises and regulates the functioning of regional rural banks, cooperative banks, and other rural financial institutions.
4. Investment functions: NABARD invests in various development projects, such as irrigation, rural roads, and rural electrification, to promote rural development.
Importance of NABARD:
1. NABARD plays a crucial role in rural development by providing credit and other financial services to farmers and other rural individuals and institutions.
2. It helps in the promotion of sustainable and equitable agriculture and rural prosperity.
3. It acts as a catalyst for rural development by providing technical assistance, consultancy services, and other innovative initiatives.
4. It ensures the smooth functioning of rural financial institutions by supervising and regulating their operations.
In conclusion, NABARD is the apex body for rural credit and agricultural finance in India, and it plays a crucial role in promoting sustainable and equitable agriculture and rural prosperity through effective credit support, related services, institutional development and other innovative initiatives.
Functions of NABARD:
1. Credit functions: NABARD provides credit facilities to farmers, rural artisans, entrepreneurs, and other rural individuals and institutions through various schemes.
2. Development functions: NABARD provides development assistance to various institutions for the promotion of agriculture and rural development. It also provides technical assistance and consultancy services to various agencies.
3. Supervisory functions: NABARD supervises and regulates the functioning of regional rural banks, cooperative banks, and other rural financial institutions.
4. Investment functions: NABARD invests in various development projects, such as irrigation, rural roads, and rural electrification, to promote rural development.
Importance of NABARD:
1. NABARD plays a crucial role in rural development by providing credit and other financial services to farmers and other rural individuals and institutions.
2. It helps in the promotion of sustainable and equitable agriculture and rural prosperity.
3. It acts as a catalyst for rural development by providing technical assistance, consultancy services, and other innovative initiatives.
4. It ensures the smooth functioning of rural financial institutions by supervising and regulating their operations.
In conclusion, NABARD is the apex body for rural credit and agricultural finance in India, and it plays a crucial role in promoting sustainable and equitable agriculture and rural prosperity through effective credit support, related services, institutional development and other innovative initiatives.
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Community Answer
Which of the following institutes is the apex body for rural credit an...
Answer: D. NABARD
Explanation:
- The apex body for rural credit and agricultural finance in India is the National Bank for Agriculture and Rural Development (NABARD).
- NABARD was established in 1982 with a primary objective to provide financial assistance and support to rural and agricultural development in India.
- It acts as a refinancing agency for various financial institutions, such as Regional Rural Banks (RRBs), Cooperative Banks, and other institutions involved in providing credit to the rural and agricultural sectors.
- NABARD also plays a crucial role in formulating and implementing policies related to rural credit, agricultural finance, and other allied activities.
- In addition to its role in rural credit and agricultural finance, NABARD is also involved in promoting rural infrastructure development, providing support for microfinance institutions, and promoting financial inclusion in rural areas.
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Which of the following institutes is the apex body for rural credit and agricultural finance?a)Reserve Bank of Indiab)Regional Rural Banksc)SIDBId)NABARDCorrect answer is option 'D'. Can you explain this answer?
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