What is the full form of NABARD?
The full form of NABARD is the National Bank for Agriculture and Rural Development. It was established on 12 July 1982 by a parliamentary act enforcing the 1981 National Bank for Agriculture and Rural Development Act.
It is an apex development community that provides small-scale manufacturing, agriculture, cottage industries and other small-scale rural enterprises with a credit flow service. NABARD’s headquarter is located in Mumbai, Maharashtra, and has branches throughout the country.
A brief history of NABARD
- NABARD was founded on 12 July 1982 at the suggestion of the Shivaraman Committee.
- It was found & implement the National Bank for Agriculture and Rural Development Act 1981.
- NABARD’s initial capital was 100 crore.
Functions of NABARD
A collection of certain impressive NABARD functions is provided below:
- It serves as the apex support agency for different rural development programs.
- The financial institutions that fund the rural sector are refined and controlled.
- It is regulated by cooperative banks, and via CWE, IBPS handles creativity.
- It offers educational facilities for rural development agencies.