NABARD Here are some useful details about National Bank for Agriculture and Rural Development (NABARD) : Established on 12th July 1982 on the recommendation of CRAFICARD committee (also called as Sivaraman Comittee) CRAFICARD - Committee for review of arrangements for institutional credit for agriculture and rural development. For Agricultural finance, NABARD is the apex organization Chairman : Prakash Bhakshi Head Quarters : Mumbai It assists Cooperative Banks, RRBs, Land Development Banks & Scheduled Commercial banks in lending to farmers, rural artisans and other non-farmers in rural areas and to the State Governments for minor irrigation. Land Development Banks are now called State Co-op. Agricultureal and Rural Development Banks. NABARD grants short-term loans for 18 months for seasonal agricultural operations. It only refinances. It meets the credit needs of farmers, rural artisans through the above organizations for financing minor irrigation, SHGs, SGSRY, Wasterland Development, Horticulture, Land Development, Farm Mechanization, Animal Husbandry, Fisheries etc. at 6.75% Interest. NABARD manages Financial Inclusion Fund. Rural Infrastructure Development Fund (RIDF) is operated by NABARD, instead in April 1995. NABARD is the "Micro-Finance Regulatory Authority" Water Shed Development Fund was instituted with NABARD. The Government of India holds 99% stake. in NABARD and currently 1% is held by the Reserve Bank of India. Initially, the RBI used to held 72.5 per cent of equity in NABARD but from October, 2012 the Reserve Bank of India (RBI) has divested 71.5 per cent stake amounting to Rs 1,430 crore in National Bank for Agriculture and Rural Development (NABARD) in favour of the government. 2009-10 budget allotted Rs. 14,00 Cr. under RIDF XV tranch + Rs. 4000 Cr. to Rural roads. NABARD replaced the Agricultural Credit Department (ACD) and Rural Planning and Credit Cell (RPCC) of Reserve Bank of India, and Agricultural Refinance and Development Corporation (ARDC). 2010-11 Budget allots Rs. 400 Cr. for Micro - Finance Eqity Fund. NABARD completed its 30 years on 12th July, 2012. Government of India is planning to take NABARD and National Housing Bank for Rs. 1,900 Cr.
Posted on: Sun, 01 Sep 2013 06:35:13 +0000
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