NABARD, established on 12 July 1982 under the NABARD Act of 1981, emerged from recommendations by the Committee to Review Arrangements for Institutional Credit for Agriculture and Rural Development (CRAFICARD). It amalgamated the agricultural credit functions of RBI and the refinancing functions of ARDC, marking a significant step towards enhancing rural economic growth.
History and Establishment
NABARD, established under the NABARD Act of 1981 by the Parliament of India, was inaugurated on November 5, 1982, with the vision of enhancing rural credit availability and agricultural development. It absorbed the agricultural credit functions of the Reserve Bank of India and the refinance functions of the Agricultural Refinance and Development Corporation.
NABARD: International Collaborations
NABARD collaborates with international bodies like the World Bank, UNDP, KfW, and Women’s World Bank to implement development projects in India. These partnerships focus on enhancing agricultural processes, rural livelihoods, and financial inclusion among marginalized communities.
Role in Rural Development
NABARD plays a pivotal role in rural India by refinancing institutions providing credit for agricultural and developmental activities. It supervises and supports State Cooperative Banks, District Central Cooperative Banks, and Regional Rural Banks, ensuring efficient credit delivery and promoting institutional building.
Developmental Initiatives
NABARD spearheads initiatives such as the SHG Bank Linkage Programme, watershed development, and natural resource management. It operates through 31 regional offices and 336 district offices nationwide, facilitating grassroots development and supporting over 4,000 partner organizations.
Governance and Expansion
Headquartered in Mumbai, NABARD operates under the governance of the Government of India and collaborates with state governments and regulatory bodies to enhance rural prosperity. It maintains a robust network of training establishments and offices across India to promote agricultural innovation and sustainable development.
