NABARD Celebrates 42nd Foundation Day, Highlights Rural Transformation

NABARD Celebrates 42nd Foundation Day, Highlights Rural Transformation
NABARD Celebrates 42nd Foundation Day, Highlights Rural Transformation

The National Bank for Agriculture and Rural Development (NABARD) celebrated its 42nd Foundation Day with great enthusiasm, organizing a range of events across the country. A noteworthy highlight was a webinar held under the theme “NABARD: 42 Years of Rural Transformation.” The webinar provided a platform for key figures, including the Union Minister of Agriculture and Farmers’ Welfare, Shri Narendra Singh Tomar, to address the significant role played by NABARD in the development of rural India. Notable officials from NABARD also delivered presentations, shedding light on the bank’s initiatives in the domains of agriculture, rural development, and financial inclusion.

NABARD Foundation Day holds profound significance as it provides an occasion to celebrate the remarkable achievements of the National Bank for Agriculture and Rural Development in promoting rural development throughout India. Established in 1982, NABARD’s primary objective is to extend financial and developmental support to the agricultural and rural sectors. Over the years, the bank has played a pivotal role in enhancing agricultural production, facilitating rural infrastructure development, and fostering financial inclusion in rural areas.

Beyond celebration, NABARD Foundation Day serves as an opportunity to renew the bank’s commitment to its core mission of empowering rural communities. NABARD envisions a future where rural India thrives, prospering through self-reliance. The day prompts reflection on the bank’s progress toward this vision and encourages a reinvigorated dedication to collaborative efforts with rural communities to achieve sustainable growth and prosperity.

NABARD operates as a national bank, assuming a crucial role in providing financial and developmental assistance to the agricultural and rural sectors in India. Since its inception, the bank has functioned as the apex institution for the entire rural credit system, effectively coordinating the activities of various rural credit institutions.

With its multifaceted functions, NABARD serves as a financial backbone by refinancing agricultural loans, extending short-term loans to State Cooperative Banks and Regional Rural Banks, and offering loans and advances backed by stocks and promissory notes. Additionally, the bank undertakes developmental initiatives, establishing institutions, designing credit programs, promoting science and technology, and coordinating rural credit agencies. NABARD also fulfills supervisory responsibilities, conducting inspections of Regional Rural Banks and Co-operative Banks, and providing consultation to the Reserve Bank of India (RBI) for new branch openings.

NABARD is governed by a board of directors appointed by the Indian government, with the central government consulting the RBI for the appointment of the chairperson. In recognition of its expanding role, the Union Government passed the NABARD (Amendment Bill) 2017, increasing the bank’s authorized capital from Rs. 5,000 crore to Rs. 30,000 crore, further enhancing its capacity to drive rural development.

Established in 1982 by the Indian government. Apex institution for the entire rural credit system in India. Functions encompass financial, developmental, and supervisory aspects. Governed by a board of directors. Authorized capital increased from Rs. 5,000 crore to Rs. 30,000 crore.