What is the full form of NABARD

NABARD: National Bank for Agriculture and Rural Development

NABARD stands for National Bank for Agriculture and Rural Development. It was established on 12 July 1982 by an act of parliament to implement the National Bank for Agriculture and Rural Development Act 1981.

It is an apex development bank that provides a facility to credit flow for development of small industries, agriculture, cottage industries and other small businesses in rural areas. NABARD is headquartered in Mumbai, Maharashtra and its branches are located all over the country.

History

NABARD was established on the recommendation of Shivaraman Committee on 12th of July 1982. It was established to implement the National Bank for Agriculture and Rural Development Act 1981. The initial capital of NABARD was 100 crore. As the 31th March, 2014 NABARD paid up capital stood at Rs. 4700 crore (Rs. 4680 crore of gol and Rs. 20 crore of RBI).

Functionalities

A list of some remarkable functionalities of NABARD are given below:

• It serves as an apex financing agency for the various development programs in rural areas.
• It refines and regulates the financial institutions which finance the rural sector.
• It regulates the cooperative banks and RRB?s and, manages talent through IBPS CWE.
• It provides training facility to the institutions which work for rural development.