Established of NABARD?
VerifiedAnswer: 1982
Explanation:
NABARD (National Bank for Agriculture and Rural Development) was established on 12th July 1982 as an apex development financial institution. This important milestone came about through the NABARD Act 1981, which was passed by the Parliament to create a specialized institution focused on agricultural and rural development financing.
The establishment of NABARD was recommended by the Shivaraman Committee, which recognized the need for a dedicated institution to handle agricultural credit and rural development programs. Before NABARD's creation, agricultural financing was scattered across various institutions without proper coordination.
NABARD took over the functions related to agricultural credit that were previously handled by the Reserve Bank of India (RBI). The bank was established with an initial authorized capital of ₹500 crores and paid-up capital of ₹100 crores. The ownership structure includes the Government of India holding the majority stake, with RBI also being a significant shareholder.
Since its establishment in 1982, NABARD has played a crucial role in India's rural development by providing refinance facilities to commercial banks, regional rural banks, and cooperative banks. It also implements various government schemes and provides financial assistance for agricultural infrastructure, rural development projects, and supports farmers through different credit programs. The institution has its headquarters in Mumbai and operates through regional offices across the country.
