NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT (NABARD)


At the instance of Government of India Reserve Bank of India (RBI), constituted a committee to review the arrangements for institutional credit for agriculture and rural development (CRAFICARD) on 30 March 1979, under the Chairmanship of Shri B.Sivaraman, former member of Planning Commission, Government of India to review the arrangements for institutional credit for agriculture and rural development. The Committee, in its interim report, submitted on 28 November 1979, felt the need for a new organisational device for providing undivided attention, forceful direction and pointed focus to the credit problems arising out of integrated rural development and recommended the formation of National Bank for Agriculture and Rural Development (NABARD). The Parliament, through Act, 61 of 1981, approved the setting up of NABARD. The bank came into existence on 12 July 1982 by transferring the agricultural credit functions of RBI and refinance functions of the then Agricultural Refinance and Development Corporation (ARDC). NABARD was dedicated to the service of the nation by the late Prime Minister Smt. Indira Gandhi on 5th November, 1982.

NABARD was set up with an initial capital of 100 crore. Consequent to the revision in the composition of share capital between Government of India and RBI, the paid up capital as on 31 March 2013, stood at 4000 crore with Government of India holding 3,980 crore (99.50%) and Reserve Bank of India 20.00 crore (0.50%).

Mission

Promote sustainable and equitable agriculture and rural prosperity through effective credit support, related services, institution development and other innovative initiatives.

Particulars of NABARD, functions and its duties

NABARD is a Development Bank with a mandate for providing and regulating credit and other facilities for the promotion and development of agriculture, small-scale industries, cottage and village industries, handicrafts and other rural crafts and other allied economic activities in rural areas with a view to promoting integrated rural development and securing prosperity of rural areas, and for matters connected therewith or incidental thereto.

In discharging its role as a facilitator for rural prosperity, NABARD is entrusted with

  1. Providing refinance to lending institutions in rural areas
  2. Bringing about or promoting institutional development and
  3. Evaluating, monitoring and inspecting the client banks

Besides this pivotal role, NABARD also:

Some of the milestones in NABARD's activities are:

  1. Business Operations:
  2. New Business Initiatives:
  3. Development Initiatives:

SHG-Bank Linkage Programme: As on 31 March 2013, there were more than 73.18 lakh savings linked Self Help Groups (SHG) and more than 44.51 lakh credit-linked SHGs covering over 10.3 crore poor households under the micro-finance programme. NABARD carried forward its guiding role in the microfinance programme during 2012-13 by taking a host of new initiatives and consolidating some of the already operational interventions.

Some of the Initiatives of NABARD in Tamenglong District:

NABARD have implemented a WADI project through Manipur Tribals Pioneer Association under TDF in Tamenglong district where 500 WADI farmers were benefited through the project interventions and the main crops planted are Litchi, Banana and Cashew. The project was implemented in Nungba Block of the District.
Promotion of SHG-Bank Linkage Programme in the District, NABARD is presently implementing Women-SHG programme in the district through four anchor NGOs namely- Diocesan Social Service Society  in Nungba Block, Upliftment of Underprivileged Women and Children Organisation in Tamei Block, Rural Institute for Community Health & Development  in Tousem Block and Rongmei Naga Baptist Association in Tamenglong Block of the District.
In an Initiative to create awareness on Banking and finance to the common people of the District, NABARD has been organizing Financial Literacy Programmes at various villages of the District and other related programmes in the District Head Quarter. Beside the above NABARD has been promoting different institutions of the District through grand assistant for various activities like sponsoring TAMBAC craftsmen in SURAJKUNT Mela 2014

Please visit the official website of NABARD at www.nabard.org for related information.