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NABARAD Banking Awareness Materials
National Bank for Agriculture and Rural Development (NABARD) is an apex development bank in India having headquarters based in Mumbai (Maharashtra) and other branches are all over the country. by the Reserve Bank of India (RBI) under the Chairmanship of Shri B. Sivaraman, conceived and recommended the establishment of the National Bank for Agriculture and Rural Development (NABARD). It was established on 12 July 1982 by a special act by the parliament and its main focus was to uplift rural India by increasing the credit flow for elevation of agriculture & rural non-farm sector and completed its 25 years on 12 July 2007.
It has been accredited with “matters concerning policy, planning and operations in the field of credit for agriculture and other economic activities in rural areas in India”. RBI sold its stake in NABARD to the Government of India, which now holds 99% stake. NABARD is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion. NABARD was incorporated with to provide refinance to lending institutions in rural areas and bringing about or promoting institutional development and evaluating, monitoring and inspecting the client banks.
The important functions of NABARD are as follows:
- Providing finance and also refinance for production and marketing in the rural areas.
- Coordinating and advising the operations of institutions engaged in rural credit.
- Promoting research in agriculture and rural development.
Other miscellaneous functions of NABARD are as follows:
- Conduct inspections of the RRBs and the co-operative societies, without any prejudice to the authority of the RBI.
- All the applications for opening a branch by RRBs or co-operative societies should be forwarded to the RBI through the NABARD.
- Copies of all returns submitted by the RRBs and co-operative societies to the RBI should also be furnished to the NABARD.
- NABARD is also empowered to obtain any information or statement from the RRBs and the co-operative societies.
- NABARD should undertake research and training programs. These comprehensive training programs should be targeted towards NABARD’s own staff and the staff of SCBs and RRBs as well. The R&D department of NABARD should take the lead in promoting research concerning problems associated with India’s agriculture and rural development and also other allied aspects. For this purpose the NABARD has been authorized to maintain and R&D fund out of profits earned by it every year.
- NABARD is responsible for coordinating with the Government of India, the Planning Commission, State Governments and other agencies concerned with the development of rural industrialization. It is also responsible for ensuring the implementation of various policies and programs meant for providing finance to the rural industries.
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