NABARD stands for the National Bank for Agriculture and Rural Development. It is an apex development bank in India that focuses on the promotion and development of agriculture, rural industries, and rural areas. NABARD was established on July 12, 1982, as an autonomous institution by the Parliament of India.
The primary objectives of NABARD are:
Providing credit for agriculture and rural development: NABARD provides financial support to farmers, rural artisans, and entrepreneurs through various credit facilities. It refinances
commercial banks, cooperative banks, and regional rural banks for lending to the agricultural and rural sectors.
Development of rural infrastructure: NABARD supports the development of rural infrastructure by financing projects related to irrigation, watershed management, rural roads, bridges, and other essential facilities. It also provides grants and loans for infrastructure development.
Promotion of agricultural and rural industries: NABARD promotes agricultural and rural industries by offering financial assistance, training programs, and technical support. It aims to enhance agricultural productivity, promote agro-processing, and create employment opportunities in rural areas.
Microfinance and rural entrepreneurship: NABARD plays a crucial role in the promotion of microfinance institutions (MFIs) and self-help groups (SHGs) in rural areas. It provides refinancing and capacity-building support to these institutions, enabling them to provide financial services to the rural poor.
Research and development: NABARD conducts research, studies, and surveys related to agriculture, rural development, and rural finance. It also disseminates information and knowledge through publications and reports.
NABARD operates through its head office in Mumbai and various regional offices across India. It works in close collaboration with the central and state governments, financial institutions, and other stakeholders to achieve its objectives and contribute to the overall development of the agricultural and rural sectors in India