Context:
NABARD has sanctioned a study on the impact evaluation of Geographical Indication (GI) products.
National Bank for Agriculture and Rural Development (NABARD):
- Apex banking institution to provide finance for Agriculture and rural development.
- Headquarters – Mumbai
- Mandate – Responsible for the development of the small industries, cottage industries, and any other such village or rural projects.
- Status – Statutory body established in 1982 under National Bank for Agriculture and Rural Development Act, 1981.
- Based on the recommendation of – Shivaraman Committee
- Governed by – Board of Directors, who are appointed by the Union government
Functions of NABARD:
- Implements rural development projects of the World Bank, commercial banks (CBs), and other financial institutions approved by RBI.
- Supervises Cooperative Banks and Regional Rural Banks (RRBs) and integrate them to the CBS (Core Banking Solution) platform.
- Core Banking Solution (CBS) – Networking of branches which enables customers to operate their accounts, and avail banking services from any branch of the Bank, regardless of where he maintains his account.
- Functions of the 3 institutes of RBI were transferred to NABARD –
- Agricultural Credit Department (ACD)
- Rural Planning and Credit Cell (RPCC)
- Agricultural Refinance and Development Corporation (ARDC)
Initiatives of NABARD:
- Integrated Tribal Development Programme – Implemented by NABARD, aiming to provide sustainable livelihoods to tribal families of the country.
- Kisan Credit Card Scheme – Designed by NABARD to enable farmers to meet their credit requirements for agriculture and allied activities.
- Climate Change Fund – Constituted from the profits of NABARD to address the impacts of climate change
- E-Shakti – Project developed by NABARD for the digitization of all members of the Self Help Group (SHG) in India.
Source: The Hindu
Previous Year Question
Which of the following is not included in the assets of a commercial bank in India?
[UPSC Civil Service Exam – 2019 Prelims]
(a) Advances
(b) Deposits
(c) Investments
(d) Money at call and short notice
Answer: (b)
