With NABARD Grade A 2020 exam to be scheduled for 25th February 2020, you must be having a thousand questions about this apex organization. Today we will discuss the basic information of NABARD.
- NABARD – National Bank for Agriculture and Rural Development
- The committee related to the formation of NABARD - Reserve Bank of India (RBI) at the insistence of the Government of India, constituted a Committee to Review the Arrangements for Institutional Credit for Agriculture and Rural Development (CRAFICARD) the Committee was formed on 30 March 1979, under the Chairmanship of Shri B. Sivaraman, former member of Planning Commission, Government of India.
- The Committee’s report outlined the need for a new organizational device for providing attention and focus to credit-related issues linked with rural development. Its recommendation was the formation of a unique development financial institution that would address these aspirations and formation of the National Bank for Agriculture and Rural Development (NABARD) was approved by the Parliament through Act 61 of 1981.
- NABARD came into existence on 12 July 1982 by transferring the agricultural credit functions of RBI and refinance functions of the then Agricultural Refinance and Development Corporation (ARDC).
- NABARD has its headquarters in Mumbai.
- It was set up with an initial capital of Rs.100 crore, its’ paid-up capital stood at Rs. 5,000 crores as on 31 March 2016.
- Consequent to the revision in the composition of share capital between the Government of India and RBI, NABARD today is fully owned by the Government of India.
VISION- Development Bank of the Nation for Fostering Rural Prosperity.
MISSION-Promote sustainable and equitable agriculture and rural development through participative financial and non-financial interventions, innovations, technology and institutional development for securing prosperity.
BOARD OF DIRECTORS
NABARD's affairs are governed by a Board of Directors. The Board of Directors is appointed by the Government of India in consonance with NABARD Act. At present Dr. Harsh Kumar Bhanwala is the Chairman of the National Bank for Agriculture and Rural Development (NABARD) since December 18, 2013.
Function of NABARD
The functions of NABARD can be divided into three heads:
- Financial Functions
- Developmental Function
- Supervisory functions
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