Full Form of NABARD, meaning objective and functions

On this page, We are going to learn about the full form of NABARD and the meaning of NABARD, As well as the meaning, definition, and acronym for NABARD in different categories. So you should read this post till the end.

The Full Form of NABARD: National Bank for Agriculture and Rural Development

NABARD Stands for National Bank for Agriculture and Rural Development. Nabard is an Indian financial institution established by the Government of India. It works under the administrative control of the Ministry of Finance.

It is a Central Government Bank, owned by the Union Government of India. It provides financial services such as loans, insurance, investment banking, payment systems, and so on to the agriculture sector in India.

It is a Scheduled Commercial Bank under the Payment and Settlement Systems(Regulation) Act, 2007.

  • NABARD was formed on the recommendation of the B. Sivaraman Committee. And Nabard was established on 12 July 1982 to regulate the National Bank for Agriculture and Rural Development Act 1981.
  • The headquarter of NABARD is located in Mumbai. It has 31 Regional Offices located all over the Indian States.
  • Nabard promotion and development of economic activities like agriculture, small-scale industries, cottage industries, village industries, handicrafts, and other rural crafts in rural areas along with loans and other facilities. also providing.

Objective and Functions Of Nabard

It was established with the objective of financing infrastructure and social infrastructure projects in the rural areas of the country. It finances the projects on its own, or in collaboration with other Public and Private Financial Institutions.

  • To promote and develop activities related to agriculture and rural development.
  • Refinancing, financing, and planning.
  • The task of NABARD is to monitor and supervise the projects which have taken loans.
  • To provide refinance for long-term investment credit and short-term production and marketing credit to financial institutions for agricultural and non-farm activities in rural areas.
  • NABARD is also involved in loan planning, monitoring, and coordinating with various agencies and institutions in India
  • To launch government-sponsored programs, publicity, and development initiatives in the areas of agriculture, non-farm, microfinance, financial inclusion, convergence etc.
  • To emphasize livelihood opportunities and promotion of micro industries in rural areas.