- April 8, 2021
- Posted by: admin1
- Category: DPN Topics
Subject : National Organisations
Context : RBI extends fresh support of ₹50,000 cr. to NABARD, others.
- It is an apex development and specialized bank established on 12 July 1982 by an act by the parliament of India.
- Its main focus is to uplift rural India by increasing the credit flow for elevation of agriculture & rural non farm sector.
- It was established based on the recommendations of the Committee set up by the Reserve Bank of India (RBI) under the chairmanship of Shri B. shivaraman.
- It 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).
- It has been accredited with “matters concerning policy, planning and operations in the field of credit for agriculture and other economic activities in rural areas in India”.
- The Reserve Bank of India (RBI) recently sold its entire stakes in the National Bank for Agriculture & Rural Development (NABARD) and National Housing Bank.
- The decision to divest its entire stake was taken based on the recommendations of the second Narasimham Committee. The government now holds a 100 per cent stake in both NHB and NABARD.