NABARD Abbreviation

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What does NABARD mean?

National Bank for Agriculture and Rural Development, abbreviated as NABARD is a statutory body that regulates institutions promoting various developmental activities in rural areas in India. It refinances Regional Rural Banks and Apex Cooperative Banks. Also, the body monitors projects refinanced by it and supervises such rural institutions. 

History

 In order to boost the rural economy, the Government of India needed institutional credit from the very first stages of planning. Later, the Reserve Bank of India constituted a committee under the chairmanship of Shri B. Sivaraman who was a former member of the Planning Commission.

This committee started to review arrangements for institutional credit for Rural and Agricultural Development. Under the recommendation of this committee National Bank for Agriculture and Rural Development was formed and came into existence on 12th July 1982. Its headquarter is in Mumbai, Maharashtra.

Vision and Mission

NABARD is a development bank for fostering rural prosperity. Its mission is to promote sustainable development of agriculture and rural area through innovations, technology, financial or non-financial intervention and institutional development.

Services

• Provides loans to food parks, warehouses, cold storage, etc.
• Provides credit facilities to marketing federations.
• Direct refinances to cooperative banks and support producer organizations. 
• PMAY- G and SBM- G come under it.
• Institutional development initiatives for cooperative banks, RRBs.
• Grant support for research projects, internship programs, and training for personnel of constituent banks.
• Credit Monitoring Arrangements(CMA) for StCBs and DCCBs. 
• Reviewing actions and suggesting measures to the Board of Supervision for RRBs, SCBs and CCBs. 

Governance

The Board of Directors, appointed by the Government of India governs the affairs of NABARD. They are,

• The Chairperson
• 3 directors from amongst experts in rural development and economics, small-scale industries, village and cottage industries or having experience in the working of cooperative banks, RRBs.
• 3 directors from the officials of the Central Government.
• 4 directors from amongst the officials of State Government.
• 3 directors from amongst the Directors of RBI.
• The Managing Director
• Some directors are elected by shareholders in a prescribed manner.

FAQs

1. Who is the Chairman of NABARD?

Ans. Dr. G.R. Chintala

2. What is Kisan Credit Card Scheme?

Ans. Short-term credit limits for crops and term loans.