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Full Form of NABARD

NABARD (National Bank for Agriculture and Rural Development)

Full Form of NABARD (National Bank for Agriculture and Rural Development) is a regulatory body that manages the overall functioning of the nation’s apex cooperative banks and regional rural banks. It comes under the jurisdiction of the Government of India, Ministry of Finance. NABARD delegated all the matters related to the financial policies, planning, and operation in the agricultural sector, along with other economic activities of the rural sector of India. This apex regulatory body aims to implement financial inclusivity around the country.

Full Form of NABARD

History of NABARD

Full form of NABARD (National Bank for Agriculture and Rural Development) was by the Parliament’s Act 61 in 1981. B. Sivaraman Committee recommended it, and then the government of India implemented the act. NABARD’s policies replaced the RPCC (Rural Planning and Credit Cell) and ACD (Agricultural Credit Department) on the orders of the Reserve Bank of India. NABARD was one of the premium organizations with Rs.30,000 crore as an authorized share capital and Rs.14080 crore (100% shares).

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Genesis, Vision, and Mission of NABARD

The organization understands the importance of boosting the credit situation in the rural region of India. But this importance has to be clear to the Government of India right from the planning stage. RBI formed CRAFICARD (Committee to Review the Arrangements for Institutional Credit for Agriculture and Rural Development) to look into these matters. The committee prepared a report indicating a need for an organization that focuses on all credit-related matters for rural development. That is why NABARD is been approved and came into existence on 12th July 1982. The organization comes under the Government of India.

The vision of this organization is rural prosperity. The mission of NABARD is to promote equitable and sustainable rural development and agriculture. This aim is through interventions of financial and non-financial activities, technology, innovation, and institutional development to secure the future.

Office Setup

NABARD’s head office is in Mumbai, and overall there are 31 regional offices in both states and union territories. There is a particular cell at Srinagar with 4 training institutes in the country’s southern, Eastern, and Northern sides. Four hundred fourteen development managers are working at the district offices, and there are approximately 2243 professionals with a support staff of 1130.

What are the Functions of the National Bank for Agriculture and Rural Development?

  • The most crucial function of NABARD is development and promotion, monitoring, financing, planning, refinancing, and supervision.
  • Planning and monitoring credits and coordinating with different institutions and agencies.
  • Assistance in the RBI, state government, and Gol policy formation for rural development and agricultural credit.
  • Development and promotion of microfinance, off-farm, farm, convergence with government-sponsored programs, and financial inclusion.
  • Promoting the livelihood of micro-enterprises and livelihood opportunities.
  • Support rural innovation, research, and development.
  • Supporting financial efforts by cooperative banks and regional rural banks.

Schemes that Fall Under the National Bank for Agriculture and Rural Development

NABARD has partnered with the government for the following programs –

  • Dairy Entrepreneurship Development Scheme.
  • Agri Clinics and Business Centres.
  • Interest Subvention Scheme.
  • New Agricultural Marketing Infrastructure (AMI) which is a subsidiary scheme of ISAM.
  • National Livestock Mission with Entrepreneurship Development & Employment Generation.
  • Ensuring End Use of Subsidy Released.
  • Commercial production units of organic inputs with the National Project on Organic Farming Activities.

Innovation in the Rural Sector

Full Form of NABARD (National Bank for Agriculture and Rural Development) has showcased a phenomenal performance in the country. Its main agenda was to facilitate the flow of credit to promote and develop the village, agricultural, and cottage industries. Slowly the efforts derived results, and by 2005-06, the credit flow sanctioned by this apex organization reached Rs 1,57,480 crore. The efforts boosted the GPD to 8.4%, and the Indian economy’s growth witnessed a rise in the following years. NABARD has played a massive role in the country’s overall development because 75% of the population revolves around agricultural and rural industries.

NABARD sought support from the Swiss Bank and created a Rural Innovation Fund and Rural Infrastructure Development Fund. Under RIDF, the organization sanctioned Rs. 51,283 and covered approximately 2,44,651 projects related to the construction of rural bridges and roads, irrigation, soil conservation, health and education, and water scheme. RIF, on the other hand, is a fund that supports risk-friendly, innovative, and unconventional experiments performed by the rural sectors. The schemes generated livelihood promotion in those areas.

In 2007-08, NABARD undertook a new initiative that facilitated lending activities, and the scheme was UPNRM (Umbrella Programme for Natural Resource Management). This financial support plan provides loans at a reasonable interest rate. More than 35 projects sanctioned to date with over Rs 1000 crore of the loan amount. These projects include tribals collecting honey in Maharashtra, eco-tourism activities in Karnataka, a tussar value chain provided by a women-led company, and more.

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