Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the following proposals:
(a) Amendments to National Bank for Agriculture and Rural Development (NABARD) Act, 1981, include provisions that enable Central Government to increase the authorized capital of NABARD from Rs. 5,000 crore to Rs. 30,000 crore and to increase it beyond Rs. 30,000 crore in consultation with RBI.
(b) Transfer of 0.4 percent equity of RBI in NABARD amounting to Rs. 20 crores to the Government of India.
The proposed increase in the authorized capital would enable NABARD to respond to the commitments it has undertaken, particularly in respect of the Long Term Irrigation Fund and the recent Cabinet decision regarding on-lending to cooperative banks.
Takeaways from above News-
- Full form of NABARD is National Bank for Agriculture and Rural Development
- NABARD came into existence on 12 July 1982
- Dr. Harsh Kumar Bhanwala is the Chairman of NABARD
- Headquarter of NABARD is in Mumbai
- Transfer of 0.4 percent equity of RBI in NABARD
If you have any other takeaways, do share with us in the comment section