NABARD Foundation Day 2023: Date, Significance and History

The National Bank for Agriculture and Rural Development (NABARD) celebrated its 42nd Foundation Day on July 12, 2023. The day was marked by a series of events across the country, including a webinar on the theme of “NABARD: 42 Years of Rural Transformation.”

The webinar was addressed by the Union Minister of Agriculture and Farmers’ Welfare, Shri Narendra Singh Tomar, who highlighted the important role that NABARD has played in the development of rural India. He said that NABARD has helped to increase agricultural production, improve rural infrastructure, and promote financial inclusion in rural areas.

The webinar also featured presentations by senior officials from NABARD, who discussed the bank’s various initiatives in the areas of agriculture, rural development, and financial inclusion.

Significance of NABARD Foundation Day

The significance of NABARD Foundation Day is to celebrate the achievements of the National Bank for Agriculture and Rural Development (NABARD) in promoting rural development in India. NABARD was established in 1982 to provide financial and developmental support to the agricultural and rural sectors. The bank has played a significant role in increasing agricultural production, improving rural infrastructure, and promoting financial inclusion in rural areas.

NABARD Foundation Day is also an opportunity to recommit to the bank’s mission of helping rural communities thrive. The bank has a long-term vision of making rural India prosperous and self-reliant. NABARD Foundation Day is a time to reflect on the bank’s progress towards this vision and to recommit to working with rural communities to achieve it.

About the NABARD:

NABARD is a national bank that provides financial and developmental support to the agricultural and rural sectors in India. It was established in 1982 by the Indian government to coordinate the activities of all rural credit institutions and to serve as the apex institution for the entire rural credit system.

NABARD has two main functions: financial and developmental. Its financial functions include refinancing agricultural loans, providing short-term loans to State Cooperative Banks and Regional Rural Banks, and making loans and advances using stocks and promissory notes as security. Its developmental functions include creating institutions, creating credit programmes, promoting science and technology, and coordinating rural credit agencies.
NABARD also has supervisory functions. It is responsible for inspecting Regional Rural Banks and Co-operative Banks, and it must be consulted by the RBI before granting permission to open a new branch.
NABARD is governed by a board of directors. The board is appointed by the Indian government, and the chairperson is appointed by the central government after consulting with the RBI.
In 2018, the Union Government passed the NABARD (Amendment Bill) 2017, which increased NABARD’s authorised capital from Rs. 5,000 crore to Rs. 30,000 crore.

Here are some key points about NABARD:

It was established in 1982 by the Indian government.
It is the apex institution for the entire rural credit system in India.
It has two main functions: financial and developmental.
It is governed by a board of directors.
Its authorised capital has been increased from Rs. 5,000 crore to Rs. 30,000 crore.

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