Saturday, 12 March 2016

What do you know about NABARD?

NABARD (National Bank for Agriculture and Rural Development) is an apex institution that deals with the problems and development of the agricultural sector of the country. It has its headquarters in Mumbai, Maharashtra and was established on 12th July 1982. It facilitates the flow of credit to the small scale industries, cottage industries and other rural sectors; it also looks into the upliftment the rural sector. It ensures a sustainable development of the rural industries supporting them through financial schemes. NABARD is the development bank that provides financial support to the lending institutions and ensures unhampered growth and development of the rural sector.

Earlier Agricultural Credit Department (ACD) and Rural Planning and Credit Cell (RPCC) had the responsibility of looking into the matters of the rural sector. The NABARD has replaced them and is now responsible for ensuring rural sector growth in the economy. It is one of the premier institutions that facilitate credit support for the development of the rural sector. The NABARD plays various roles to ensure a proper rise in the rural sector.

  • It provides training to various institutions and banks and makes them aware on how to tackle problems of various rural areas 
  • Assistance and aid are provided to all such institutions who are involved in the development of the rural sector
  • It coordinates and facilitates all the operations pertaining to growth of small scale industries
  • It provides assistance in terms of investment schemes and rehabilitation schemes are also implemented
  • The client institutions which are working for the development of these sectors are regularly monitored

The NABARD provides the required services and technology to the rural workers and spreads awareness on these areas so as to bring development in this sector. India is a developing country and almost the entire population is dependent on the agricultural sector for their livelihood so it the responsibility of NABARD to promote the rural sector and take it to greater heights. Innovative ideas must be adopted and implemented successfully so as to make these backward sectors as the evolving ones.

If NABARD works successfully throughout then the rural sectors of India will also be holding a very important position in our economy. The small scale industries will be developed enough to compete with the other industries in the urban sector. Cottage industries and handicraft sectors must be stressed on to get an equitable development in this area. Loans must be provided to the farmers so that they do not face any crisis both in terms of credit and technology.

Article by Anisha Dutta
She is a content evangelist who believes that the Science of today is the Technology of tomorrow. 
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