National Bank for Agriculture and Rural Development
The full form of NABARD is National Bank for Agriculture and Rural Development or National Bank for Agriculture and Rural Development. Its headquarter is in Mumbai, Maharashtra. NABARD was established in 1982 to bring ‘Development Assistance’ and ‘Poverty Reduction’. Through this article, we will give basic information about NABARD, its Functions and other related information. If you wish to work in the banking sector, then this information is important for you.
What is NABARD –
National Bank for Agriculture and Rural Development works in the field of credit for agriculture and other activities in rural areas of India. NABARD has several offices in the country, each of which has several departments that fulfill specific objectives and responsibilities. The current chairman of NABARD is G.R. Chintala.
History of NABARD –
Previously RBI was actively involved in agricultural finance which gradually became difficult and the Agricultural Refinance and Development Corporation (ARDC) was unable to meet the refinance requirements. So the RBI decided to distance itself from agricultural finance and a committee was formed under Mr. Sivamaran, who was its first chairman. The recommendations given by the Sivaraman Committee were accepted and NABARD was formed on 12 July 1982.
Role & Functions of NABARD –
Some of the main responsibilities of NABARD are as follows
- NABARD is a financial institution concerned with the development of rural areas of India.
- It is primarily responsible for solving the financial needs of rural India, especially farmers.
- NABARD provides refinance facilities to the agricultural sector.
- It deals with matters related to ‘policy, planning and operation’ in agriculture, and other developmental activities in rural India.
- It also refinances institutions that provide financial assistance to rural areas.
- It is also involved in training those institutions which are working towards the upliftment of rural areas.
- It is also responsible for the implementation of programs aimed at rural development.
- Regulation and supervision of RRBs is another important role of NABARD. It oversees state cooperative banks (SCBs), district cooperative central banks (DCCBs), and regional rural banks (RRBs).
Every year NABARD releases vacancies for various posts and it’s a very good option for those who want to have a job in the banking sector.