NABARD stands fora)National Bank for Agriculture and Rural Development...
NABARD stands for National Bank for Agriculture and Rural Development.
Explanation:
NABARD is a financial institution that aims to promote sustainable and equitable agriculture and rural development in India. Here is a detailed explanation of NABARD and its functions:
1. National Bank for Agriculture and Rural Development:
- NABARD stands for National Bank for Agriculture and Rural Development.
- It was established on July 12, 1982, under the NABARD Act, 1981.
- The headquarters of NABARD is located in Mumbai, Maharashtra, India.
2. Functions of NABARD:
- Providing credit and financial assistance to agricultural and rural development activities.
- Promoting and developing rural infrastructure, including irrigation, roads, warehouses, and markets.
- Supporting research and development in agriculture and rural development.
- Providing training and education to farmers, self-help groups, and rural entrepreneurs.
- Implementing government schemes and programs related to agriculture and rural development.
- Acting as a regulator for cooperative banks and regional rural banks.
3. Role of NABARD:
- NABARD acts as a financial intermediary between the government, financial institutions, and rural development agencies.
- It provides refinance facilities to commercial banks, cooperative banks, and regional rural banks for lending to agriculture and rural sectors.
- NABARD also provides direct lending to agriculture and rural sectors through its Rural Infrastructure Development Fund (RIDF) and other specialized funds.
- It plays a crucial role in channelizing credit and resources to promote rural entrepreneurship and agricultural activities.
- NABARD also focuses on promoting sustainable agricultural practices, rural livelihoods, and inclusive growth.
In conclusion, NABARD stands for National Bank for Agriculture and Rural Development. It plays a vital role in promoting agriculture, rural development, and financial inclusion in India.