NABARD stands for National Bank for Agriculture and Rural Development. It is an apex development financial institution in India that was established on July 12, 1982, by an Act of Parliament. The main objective of NABARD is to provide financial and technical assistance to the rural agricultural sector in India.
NABARD's key functions include:
- Providing refinance assistance to banks and other financial institutions for agricultural and rural development activities.
- Providing direct finance to various rural development programs and projects.
- Promoting research and development activities in agriculture and rural development.
- Supporting the development of rural infrastructure, including irrigation, roads, and warehousing.
- Providing training and capacity building to various stakeholders in the rural sector.
- Implementing government schemes and programs related to rural development.
NABARD plays a crucial role in promoting rural development and improving the livelihoods of people living in rural areas in India. It also works towards achieving the overall goal of inclusive growth and sustainable development in the country.