The Union Government on 13 December 2013 appointed Harsh Kumar Bhanwala as the Chairman of the National Bank for Agriculture and Rural Development (NABARD) for a period of five years.
Prior to this appointment, Bhanwala was an Executive Director at India Infrastructure Finance Company Ltd (IIFCL), a state-owned infrastructure lender. Bhanwala succeeds Prakash Bakshi, who retired as NABARD Chairman in September 2013.
Before joining IIFCL, Bhanwala was senior vice president in IL&FS Water Ltd, which was involved in development work in water and waste water projects. He has also worked in various capacities as an officer in NABARD (National Bank for Agriculture & Rural Development) and was the Managing Director of Delhi State Cooperative Bank Ltd (DSCB) during it’s turning around (2000 to 2005).
About National Bank for Agriculture and Rural Development (NABARD)
NABARD is set up as an apex Development Bank (Est. in 12 July 1982) with a mandate for facilitating credit flow for promotion and development of agriculture, small-scale industries, cottage and village industries, handicrafts and other rural crafts.
It also has the mandate to support all other allied economic activities in rural areas, promote integrated and sustainable rural development and secure prosperity of rural areas. In discharging its role as a facilitator for rural prosperity NABARD is entrusted with
• Providing refinance to lending institutions in rural areas
• Bringing about or promoting institutional development and
• Evaluating, monitoring and inspecting the client banks.
If you have any Question/Point on the above issue, please ask/discuss it in the Current Affairs Group
Who: Harsh Kumar Bhanwala
What: New Chairman to NABARD
When: 13 December 2013