NABARD stands for National Bank for Agriculture and Rural Development. NABARD is a leading development bank in India. Its headquarters are based in Mumbai (Maharashtra). The branches of NABARD are spread all over the country. NABARD was established on Shivaraman Committee’s recommendations on July 12th, 1982 to execute the National Bank for Agriculture & Rural Development Act 1981.
The mission of NABARD is to endorse sustainable and fair agriculture & rural affluence through effectual credit support, institution development, associated services and pioneering initiatives.
The functions of NABARD are:
NABARD was recognized as a development bank to perform the following functions:
1. To serve as a peak financing agency for institutions offering investment & production credit for upholding diverse developmental activities in rural areas.
2. To take measures towards institution building for succeeding absorptive capability of credit delivery system, together with monitoring, restructuring of credit institutions, formulation of rehabilitation schemes & training of personnel.
3. To coordinate the rural financing activities of institutions affianced in developmental work at the field level & link with the Indian Government, State Governments, RBI & other national level institutions concerned with policy formulation.
4. To embark on evaluation & monitoring of projects refinanced by it.
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