NABARD Full Form – What is NABARD and its functions
NABARD Full Form – The full form of NABARD is “National Bank for Agriculture and Rural Development” which is called ‘National Bank for Agriculture and Rural Development’. Its headquarter is located in Mumbai Maharashtra. NABARD was established in 1982 for rural development and poverty alleviation through banks. In this article, we will provide you all the information related to NABARD and will also tell you in detail about its work.
NABARD Full Form– What is NABARD
The full form of NABARD is National Bank for Agriculture and Rural Development, whose basic objective is to provide money for loans in rural and agricultural areas. This bank gives money to all the small and big banks living in rural areas for things related to agriculture. This money goes directly to the bank by not giving it to the people and the bank uses that money to give loans. Although banks have to pay interest to NABARD, it is very less.
There is an office somewhere in NABARD and there are some types of departments in it. Being a bank, it is also controlled by the RBI. Presently the Chairman (Chairman) of NABARD is G R Chintala who is working on it since 2020.
History of NABARD
After the establishment of the RBI, there were no restrictions on the bank. The sub banks were running the work of the bank on their own, due to which there was a lot of danger of their drowning. And despite the control of RBI, the bank was going bankrupt because they used to give loans to the people according to their own accord and then so much was not being recovered by the people. There was hardly any money left with the bank to provide more loans. That’s why the RBI thought that for the regulation of the rural and agricultural sector, there should be an institution or bank for money to be available.
Then the Agricultural Refinance and Development Corporation (ARDC) used to handle the Agriculture Department, which was not complete, so RBI decided to keep itself away from agricultural finance.
After this the Sivaraman committee was set up and their recommendations were accepted by the government. NABARD was formed on 12 July 1982. Presently Dr. G. R. Chintala (Dr. G.R. Chintala) is the chairman of the National Bank for Agriculture and Rural Development (NABARD) since 27 May 2020.
NABARD is a financial institution which is created for the development of rural areas. It is basically responsible for meeting the financial needs of the farmers of rural areas of India.
NABARD has the following responsibilities-
- NABARD provides refinance to Gramin Bank for the agriculture sector.
- It is related to the developmental activities of the Department of Agriculture.
- It refinances institutions that provide financial assistance to rural areas.
- NABARD, such institutions are trained to provide loans and to regulate them.
- It organizes programs for the purpose of rural development.
- NABARD plays an important role in the regulation and training of RRBs.
- Along with this, NABARD looks after the State Co-operative Banks (SCBs), District Cooperative Central Banks (DCCBs) and Regional Rural Banks (RRBs).
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