On July 12, 2023, the National Bank for Agriculture and Rural Development (NABARD) celebrated its 42nd Foundation Day. The occasion was marked by a series of events held throughout the country, including a webinar centered around the theme of “NABARD: 42 Years of Rural Transformation.” The Chief Guest for the event held at Pragati Maidan in New Delhi was Shri Amit Shah, the Union Home and Cooperation Minister.
During the webinar, Shri Narendra Singh Tomar, the Union Minister of Agriculture and Farmers’ Welfare, also addressed the audience. He emphasized the significant role that NABARD has played in the progress of rural India. Shri Tomar highlighted how NABARD has contributed to enhancing agricultural production, developing rural infrastructure, and fostering financial inclusion in rural areas.
The webinar included presentations by senior officials from NABARD, who shared insights into the bank’s various initiatives concerning agriculture, rural development, and financial inclusion.
About NABARD
National Bank for Agriculture and Rural Development (NABARD) is an apex development bank in India. It was established on 12th July 1982 by an Act of Parliament.
- NABARD is a wholly owned subsidiary of the Government of India.
- Mission: To promote sustainable and equitable agriculture and rural development through participative financial and non-financial interventions, innovations, technology, and institutional development for securing prosperity.
- Vision: To be the Development Bank of the Nation for Fostering Rural Prosperity.
- It has a network of over 300 offices all over India.
- In 2018, the Union Government passed the NABARD (Amendment Bill) 2017, which increased NABARD’s authorized capital from ₹5,000 crores to ₹30,000 crores.
NABARD’s Main Functions
- Providing credit and other financial assistance to agriculture and rural development projects
- Promoting rural infrastructure development
- Providing training and capacity building to rural institutions
- Undertaking research and development in agriculture and rural development
Some of the Key Achievements
- NABARD has played a significant role in promoting rural development in India.
- NABARD has helped to increase agricultural productivity and rural incomes.
- NABARD has helped to develop rural infrastructure, such as roads, water supply, and power.
- NABARD has helped to promote financial inclusion in rural areas.
Significance
The National Bank for Agriculture and Rural Development (NABARD) is a significant institution for the development of rural India. It has played a vital role in improving the lives of millions of people in rural areas.
- It provides credit and other financial assistance to agriculture and rural development projects. This helps to boost agricultural productivity and rural incomes, which in turn leads to economic growth and poverty reduction.
- It promotes rural infrastructure development. This includes roads, water supply, and power, which are essential for the development of rural areas.
- It provides training and capacity building to rural institutions. This helps to strengthen the institutions that provide financial services to rural areas, making them more efficient and effective.
- It undertakes research and development in agriculture and rural development. This helps to identify new ways to improve agricultural productivity and rural incomes.
NABARD is a vital institution for the development of rural India. It has played a significant role in improving the lives of millions of people in rural areas, and it will continue to play an important role in the years to come.
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