National Bank for Agriculture and Rural Development (NABARD) has released a study named, ‘Achieving Nutritional Security in India: Vision 2030’, in December 2020. The report assesses the trends for nutritional security and identifies determining factors that have a significant effect on reducing malnutrition levels in India. With this, it becomes important for IAS Exam candidates to learn what NABARD is and why is it an important entity in the Indian Economy.
NABARD is India’s apex development bank – National Bank for Agriculture and Rural Development. With headquarters in Mumbai, NABARD has branches across India. This is an important topic in the section of Indian Economy as well as Indian Polity of the USPC Syllabus.
Candidates reading about NABARD can also read about related topics that are linked below:
|Types of Banks in India||Mission Indradhanush for Public Sector Banks|
|Government Schemes||Constitutional, Statutory and Quasi-Judicial Bodies|
What is NABARD?
Important Facts about NABARD
|It came into existence on||12th July 1982|
|Its origin lies with||CRAFICARD was formed on 30th March 1979.
B. Sivaraman was the chairman of the committee.
|Who owns NABARD?||Government of India|
|What is the vision of NABARD?||Rural prosperity|
|Who are NABARD subsidiaries?||
|Government Schemes with NABARD partnership||
|NABARD Official Website||https://www.nabard.org/|
In the year 1982, CRAFICARD or the Committee to Review Arrangements of Institutional Credit for Agriculture and Rural Development recommended the establishment of a developmental bank and accordingly, NABARD was set up.
It was formed by a special parliamentary act. The chief focus of the organisation was the advancement of rural India by enhancing the flow of credit for the upliftment of agriculture as well as the rural non-agricultural sector.
Functions of NABARD
The functions of NABARD are described below.
- In order to build an empowered and financially inclusive rural India, NABARD has specific departments that work towards the desired goals. These departments can be collectively categorized into three majors units:
- The financial support necessary to build rural infrastructure is provided by NABARD.
- Preparation of district-level credit plans by NABARD are used to guide and motivate the banking industry to achieve required targets.
- NABARD also supervises the Regional Rural Banks (RRBs) and Cooperative Banks along with developing their banking practices and integrating them to the Core Banking Solution (CBS) platform.
|What is the CBS platform?
Core Banking Solution (CBS) is a networking of branches, which enables customers to operate their accounts, and avail banking services from any branch of the Bank on the CBS network, regardless of where he maintains his account. The customer is no longer the customer of a Branch. He becomes the Bank’s Customer.
- NABARD also helps handicraft artisans sell their products by training and providing a marketing platform for them.
- NABARD has partnered with various leading global organisations and institutions affiliated with the World Bank that have played a role in transforming agriculture.
- It offers advisory services and financial assistance provided by these international partners to help in consultation with rural development and other agricultural practices.
|Candidates can prepare and practise UPSC Mains topics with the help of the below-mentioned links:|
Important Contributions of NABARD
|Kisan Credit Card Scheme:
||RuPay Kisan Cards:
National Bank for Agriculture and Rural Development (NABARD):- Download PDF Here