NABARD Full Form

Can you tell me about the full form of NABARD?

[Quick Sam]

The full form of NABARD is National Bank for Agriculture and Rural Development.
It was established by an act of Parliament on 12 July 1982 to implement the National Bank for Agriculture and Rural Development Act 1981.

NABARD is an apex Development Bank that facilitates credit flow for development of small industries, agriculture, cottage industries, and other small businesses in rural areas. It is headquartered in Mumbai, Maharashtra with its branches located all over the country.

NABARD was setup with an objective to provide credit facilities for economic activities and serve as a refinancing institution for institutional credit in rural areas. It can also provide direct lending to any institution approved by the Central Government.

Important Points to Remember about NABARD:
National Bank for Agriculture and Rural Development (NABARD) is an apex development bank in India.
NABARD was established on the recommendations of Shivaraman Committee.
NABARD was established by an act of Parliament on 12 July 1982 to implement the National Bank for Agriculture and Rural Development Act 1981.
NABARD replaced the Agricultural Credit Department (ACD) and Rural Planning and Credit Cell (RPCC) of Reserve Bank of India, and Agricultural Refinance and Development Corporation (ARDC).
Headquarters of NABARD is situated in Mumbai, Maharashtra, India.
The Present Chairman of NABARD is Dr. Harsh Kumar Bhanwala.
NABARD completed its 25 years on 12 July 2007 and Completed its 30 year in 12 July, 2012.
NABARD announced Rural Innovation award to celebrate it’s 30th foundation day.

Functions of NABARD

NABARD was set up essentially as a development bank for promoting agriculture and rural development.

Its main function is to provide refinance for rural credit disbursed by the State Co-operative Banks, the Regional Rural Banks and other financial institutions as may be approved by the RBI.

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 areas

Other miscellaneous functions of NABARD are as follows:

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 authorised 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.

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.