NABARD Full Form: National Bank for Agriculture and Rural Development
What is NABARD?
NABARD is an apex development bank in India that focuses on promoting sustainable and equitable agriculture and rural development. It was established on 12 July 1982 by a special act of Parliament and acts as the principal agency of the Government of India to provide financial and other support to the country's agricultural and rural sectors.
Functions of NABARD
NABARD's main functions include providing refinancing to banks and other financial institutions that lend to the agricultural and rural sectors, promoting and developing microfinance institutions and rural banks, and providing financial and technical assistance to state and central governments for various development programs.
It also plays a key role in implementing government schemes such as the Pradhan Mantri Gramin Awaas Yojana (PMGAY) and the Deendayal Antyodaya Yojana (DAY).
Objectives of NABARD
The primary objective of NABARD is to promote sustainable and equitable agriculture and rural development in India by providing credit for the development of agriculture, small-scale industries, cottage and village industries, handicrafts, and other rural crafts.
In addition to this primary mission, NABARD has several secondary objectives as well. These include: