National Bank for Agriculture and Rural Development (NABARD) – Objectives & Functions
NABARD is an apex development bank in India and is wholly owned by the Government of India.
Purpose: to promote and advance the development of agriculture and rural development in India by providing financial and other support to State and Central Governments, rural financial institutions, co-operatives, and other development agencies.
Year of Establishment: established in 1982 with its headquarters in Mumbai, India.
Ministry: autonomous body under the Ministry of Finance, Government of India.
Statutory/Constitutional Status: NABARD is constituted under an Act of Parliament, viz. the National Bank for Agriculture and Rural Development Act, 1981.
Functions:
- providing financial assistance for agricultural and rural development, providing credit support to commercial banks, co-operative banks and regional rural banks, and providing technical assistance to State and Central Government and other agencies.
- also provides training and research support in the areas of agricultural and rural development.
