Rural India holds significant potential for creating skilled manpower and contributing to sustainable development and economic growth. To foster rural prosperity, various noteworthy initiatives have taken place across the length and breadth of the country.
One such initiative is NABARD or National Bank For Agriculture And Rural Development. This bank has marked a service of 40 years and has played an important role in record purchase by disbursing about Rs. 50 thousand crores to the state marketing associations.
So, let’s get to know more about National Bank For Agriculture And Rural Development.
NABARD is the development bank of the nation that is responsible for enhancing rural prosperity. Its mission is to augment sustainable and equitable agriculture and rural development through participative financial and non-financial interventions, innovations, technology and institutional development.
Moreover, it acts as an organisational device for providing undivided attention, forceful direction and pointed focus to credit-related issues linked with rural development. It aims at building an empowered and financially inclusive rural India through specific goal-oriented departments. These departments can be categorized broadly into three heads: Financial, Developmental and Supervision.
What does NABARD do?
It helps in providing refinance support for building rural infrastructure. It also prepares district-level credit plans to guide and motivate the banking industry in achieving numerous targets. Further, NABARD supervises Cooperative Banks and Regional Rural Banks and helps them in developing sound banking practices and onboarding them to the CBS platform.
From training handicraft artisans to providing them with a marketing platform for selling these articles, NABARD has designed several development schemes to ensure the growth of the people.
NABARD Sponsored Schemes
NABARD has developed and supported various schemes in the areas of the farm sector and some of the major initiatives include Producers Organisation Development Fund, Watershed Development Programme and Tribal Development Programme.
Further, NABARD has also contributed to ‘Per Drop – More Crop’ under PM Krishi Sinchai Yojana. In this campaign, the Center has increased the group amount of Micro Irrigation Fund under NABARD to Rs.10 thousand crores. It has also made available crop loans to farmers at concessional rates through cooperative and regional rural banks and in 7 years this amount reached Rs.6.5 lakh crores.
Moreover, NABARD has displayed active engagement in certain non-farm sectors, including marketing initiatives, exhibitions, rural haats, rural innovation fund, and support to rural housing and rural sanitation.
The Bank has set a target to develop 35 thousand primary agricultural cooperative societies as ‘one-stop shops’ and has sanctioned Rs. 1,700 crore to 3 thousand PACS for setting up multiple service centres.
Besides, a research and development fund has also been established by the bank. It aims to acquire new insights into agricultural and rural development problems through in-depth studies and applied research. It also looks for innovative approaches backed up by technical and economic studies.
In the last 7 years, NABARD has given Rs 1.81 lakh crore to the states under the Rural Infrastructure Development Fund, out of which one-third is used for irrigation. This fund has been increased to 40 thousand crores.
Apart from this, active contributions of the Bank have also been witnessed in the microfinance sector. NABARD has provided active support for training and capacity building of clients for the Self-Help Group-Bank Linkage Programme. It has been aiding in programmes like Micro Enterprise Development, Livelihood and Enterprise Development, Training of Trainers, Conduct of Village Level and Scheme for promotion of Women SHGs in backward & LWE districts of India.
The nation’s agricultural ecosystem is changing and the life of the farming community has been made more convenient with the use of new information technologies for farming systems, thus, strengthening the foundations of rural India.
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