Question
Download Solution PDFWhich of the following institutions was set up in 1982 in order to streamline credit facilities to farmers at a national level?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is NABARD.
Key Points
- NABARD was set up in 1982 to coordinate the activities of all institutions involved in the rural financing system.
- NABARD(National Bank for Agriculture and Rural Development):
- NABARD is a development bank focussing primarily on the rural sector of the country.
- It is the apex banking institution to provides finance for Agriculture and rural development.
- Its headquarter is located in Mumbai, the country’s financial capital.
- It is responsible for the development of small industries, cottage industries, and any other such village or rural projects.
- It is a statutory body established in 1982 under the Parliamentary Act-National Bank for Agriculture and Rural Development Act, 1981.
- NABARD’s initiatives are aimed at building an empowered and financially inclusive rural India through specific goal-oriented departments which can be categorized broadly into three heads: Financial, Developmental, and Supervision.
- It provides refinance support for building rural infrastructure.
- It prepares district-level credit plans to guide and motivate the banking industry in achieving these targets.
- It supervises Cooperative Banks and Regional Rural Banks (RRBs) and helps them develop sound banking practices and integrate them into the CBS (Core Banking Solution) platform.
Additional Information
- NEDFI (North Eastern Development Finance Corporation Ltd.) provides financial assistance for the development of industries, infrastructure, and service sectors in the Northeast region of India.
- IFCI (Industrial Finance Corporation of India) provides long-term financial assistance to medium and large-scale industries.
- SIDBI (Small Industries Development Bank of India) provides financial support to MSMEs (Micro, Small and Medium Enterprises).
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