Economics • Indian EconomyHard
Examine the developmental mandate of the 'National Bank for Agriculture and Rural Development (NABARD)' established in 1982. Which statutory precursor's agricultural credit functions were transferred to NABARD?
A. Agricultural Credit Department and Rural Planning and Credit Cell of the Reserve Bank of India, along with Agricultural Refinance and Development Corporation✓ Correct Answer
B. Industrial Finance Corporation of India and Small Industries Development Bank of India
C. State Bank of India's rural agricultural wings and cooperative development boards
D. Export-Import Bank of India and National Housing Bank
💡 Solution & Explanation
NABARD was established in July 1982 based on the recommendations of the B. Sivaraman Committee by transferring the agricultural credit functions of the Reserve Bank of India and refinancing functions of the Agricultural Refinance and Development Corporation. It acts as the apex development bank providing credit for agriculture, small-scale industries, cottage industries, and rural crafts. It oversees rural cooperative banks and regional rural banks across the country.
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