Team Adda247 and Bankers Adda have introduced a Special Banking Awareness series for SBI and IBPS Interviews 2021. In this series, we will be introducing the candidates with some banking awareness topics On a daily basis that will improve their general awareness and will also ensure that the candidates do not lack in any banking term when it comes to the interview round. Today the topic of our Banking Awareness Series is NABARD. To know more about this banking awareness special series click on the link below
ESTABLISHMENT: 12 JULY, 1982
Chairman: Govinda Rajulu Chintala
Headquarter: Mumbai, Maharashtra
National Bank for Agriculture and Development is an apex development finance institution fully owned by the Government of India. NABARD was established on 12 July 1982 on the recommendations of the B.Sivaramman committee.
NABARD looks after the development of the cottage industry, small scale industry and village industry, and other rural industries. NABARD also reaches out to allied economies and supports and promotes integrated and sustainable development. NABARD operates at 32 regional offices in the country with about four thousand partner organizations. It manages and coordinates rural financing agencies for the institutions engaged in developmental work at the field level and maintains liaison with the Government of India, state governments, Reserve Bank of India, and other institutions concerned with policy formulation.
NABARD set up the Rural Innovation Fund. Rural Infrastructure Development Fund (RIDF) is a flagship scheme for the bank for rural development. Under the RIDF scheme Rs. 51,283 crore have been sanctioned for more than two lakhs projects covering irrigation, rural roads, and bridges, health and education, soil conservation, water schemes, etc. RIDF (Rural Innovation Development Fund) is a fund that is designed to support innovative, risk-friendly, unconventional experiments in these sectors that would have the potential to promote livelihood opportunities and employment in rural areas.
Currently in News:
1.) Higher allocation for RIDF to speed up ongoing projects – Increase in allocation to the Rural Infrastructure Development Fund (RIDF) to Rs 40,000 crore and doubling of Micro Irrigation fund announced in the Budget will accelerate the progress of ongoing rural infrastructure projects.
2.) NABARD pegs state credit potential at Rs.1.35 lakh crore.
3.) Rs.10,300 crores will be spent on creating godown space in Andhra Pradesh.
4.) Micro Finance institutions (MFIs) have bid for obtaining for issuance of tax-free social bonds for five years by SIDBI/NABARD to exclusively provide debt to the sector operating in semi-urban, rural areas, or aspirational districts.