What does NABARD stand for?

Question

Question

This question was previously asked in

MP Excise Constable Official paper (Held On: 24 Feb 2023 Shift 1)

Answer 1

The correct answer is National Bank for Rural and Agricultural Development.

Key Points

NABARD stands for National Bank for Rural and Agricultural Development.
It was established on 12 July 1982 by a special act of the Indian Parliament.
NABARD's primary focus is on the development of agriculture and rural sectors in India.
The bank provides financial assistance to various institutions involved in the rural sector, including cooperative banks and regional rural banks.
NABARD also plays a crucial role in implementing various government schemes aimed at promoting rural development and improving agricultural productivity.

Additional Information

Refinance Support: NABARD provides refinance support to state cooperative banks, regional rural banks, and other financial institutions to enhance their lending capacity for agricultural and rural development.
Rural Infrastructure Development Fund (RIDF): It was set up by NABARD to finance ongoing and new rural infrastructure projects aimed at improving the quality of life in rural areas.
Watershed Development: NABARD implements various watershed development projects to conserve soil and water, thereby improving the productivity of land in rural areas.
Financial Inclusion: NABARD promotes financial inclusion by supporting initiatives that provide banking services to unbanked rural areas, ensuring that rural populations have access to financial services.
Microfinance Initiatives: NABARD supports Self-Help Groups (SHGs) and Joint Liability Groups (JLGs) to provide microfinance to rural women and small-scale farmers, fostering entrepreneurship and self-reliance in rural communities.