What is NABARD?

 

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?
  • NABKISAN Finance Limited (NABKISAN)
  • NABSAMRUDDHI Finance Limited (NSFL)
  • NABFINS Limited (NABFINS)
  • NABFOUNDATION
  • NABCONS (NABARD Consultancy Services)
  • NABVENTURES Limited
  • NABSanrakshan Trustee Company Private Limited

Government Schemes with NABARD partnership
  • Dairy Entrepreneurship Development Scheme
  • Commercial production units of organic inputs
  • Agriclinic and Agribusiness Centres Scheme
  • National Livestock Mission
  • GSS – Ensuring End Use of Subsidy Released
  • Interest subvention Scheme
  • New Agricultural Marketing Infrastructure

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:
    • Financial
    • Developmental
    • Supervision
  • 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.

Important Contributions of NABARD

NABARD Contributions

Kisan Credit Card Scheme:

  • This scheme was introduced in 1998 in association with RBI to provide crop loans.

RuPay Kisan Cards:

  • All farmer clients were provided with RuPay cards trying to bring a technological change in the rural financial sector.

 From, Byjus


Pankaj Mandape 

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