Foundation of NABARD?
VerifiedAnswer: 12 July 1982
Explanation:
NABARD (National Bank for Agriculture and Rural Development) was established on 12 July 1982 as India's apex development bank for agriculture and rural development. This institution was created to address the specific financial needs of rural India and provide comprehensive support to agricultural activities across the country.
The establishment of NABARD came as a result of the recommendations made by the Shivaraman Committee in 1979. This committee was set up to review the arrangements for institutional credit for agriculture and rural development. The committee recognized the need for a specialized institution that could focus exclusively on rural and agricultural financing, leading to the creation of NABARD.
NABARD was formed by merging the Agricultural Credit Department and Rural Planning and Credit Cell of the Reserve Bank of India, along with the Agricultural Refinance and Development Corporation (ARDC). This merger brought together various agricultural financing functions under one umbrella organization, making it more efficient and focused.
The headquarters of NABARD is located in Mumbai, Maharashtra. Since its establishment, the bank has been playing a crucial role in India's rural development by providing refinance facilities to banks and financial institutions, promoting sustainable agriculture practices, and supporting various rural development programs.
