National Bank for Agriculture and Rural Development (NABARD)

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  • The importance of institutional credit in boosting rural economy has been clear to the Government right from its early stages of planning.
  • The Reserve Bank of India (RBI) at the insistence of the Government of India, constituted a Committee to Review the Arrangements for Institutional Credit for Agriculture and Rural Development (CRAFICARD) in 1979, under the Chairmanship of Shri B. Sivaraman, former member of Planning Commission.
  • The Committee’s report (1979) outlined the need for a new organisational device for providing undivided attention, forceful direction and pointed focus to credit related issues linked with rural development.
  • It resulted in foundation of NABARD (National Bank for Agriculture and Rural Development) in 1982 as a statutory body under Parliamentary act-National Bank for Agriculture and Rural Development Act, 1981.
    • Its initial paid up capital was Rs. 100 cr. contributed with 50: 50 by government of India and Reserve bank of India. It stood at Rs. 10,580 cr. as on 31 March 2018.
    • Now it is wholly owned by Ministry of Finance
  • To support Indian Rural economy with credit facility, RBI was apex body before formation of NABARD.
  • The NABARD’s role is basically a continuation of the RBI role in the sphere of Agriculture and Rural Development.
  • The functions of the 3 institutes of RBI (1) the Agricultural Credit Department (ACD), (2) Rural Planning and Credit Cell (RPCC), (3) and Agricultural Refinance and Development Corporation (ARDC) were transferred to NABARD.
    • ACD: RBI provided through its ACD short term refinance to cooperatives.
    • RPCC: It was dealing with the Regional Rural Banks (RRBs) since 1979
    • ARDC: RBI set up the Agricultural Refinance Corporation (ARC) in 1963 to work as a refinancing agency in providing medium term and long term agricultural credit to support investment credit needs for agricultural development.
  • In 1975, ARC was renamed as Agriculture Refinance and Development Corporation (ARDC) to give focussed attention to credit off-take, development and promotion of the agricultural sector.
  • NABARD is a development bank focussing primarily on the rural sector of the country. It is the apex banking institution to provide finance for Agriculture and rural development.
  • Its headquarter is located in Mumbai, the country’s financial capital.
  • It is responsible for the development of the small industries, cottage industries, and any other such village or rural projects.
  • It is a statutory body established in 1982 under Parliamentary act-National Bank for Agriculture and Rural Development Act, 1981.
The functions of NABARD
  • In order to build an empowered and financially inclusive rural India, NABARD has specific departments that work towards the desired goals. These departments can be collectively categorized into three majors units:
    • Financial
    • Developmental
    • Supervision
  • The financial support necessary to build rural infrastructure is provided by NABARD.
  • Preparation of district-level credit plans by NABARD are used to guide and motivate the banking industry to achieve required targets.
  • ABARD also supervises the Regional Rural Banks (RRBs) and Cooperative Banks along with developing their banking practices and integrating them to the Core Banking Solution (CBS) platform.
  • NABARD is an apex Development Bank 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.
  • Financing of Agriculture and Refinancing of Cooperative banks and RRBs 

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