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  • Jul 27, 2021
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NABARD is an apex bank that is contributing in development of agriculture and improving rural bank. Elucidate this statement along with the functions and roles performed.

Introduction:

NABARD- National Bank for Agriculture and Rural Development was established in 1982. Its major objectives are providing credit in rural areas for agricutlture and related activities. It also works in order to promote the cottage and small scale industries.

Body:

Functions:

Business of NABARD in 2020-21:

500 cr was refinanced for WASH(Water, Sanitization and Hygeine) programme.

Total refinance disbursement amounted to 2.23 lakhs

Amounts were released to NBFC-MFIs & RRBs under the aatmanirbhar abhiyan scheme

Overall business accounted to Rs 6.57 lakh crores

A record growth of 23.5% was achieved in the FY 2020-21.

Conclusion:

Thus, NABARD is working as an apex institution in providing loans to the people in rural areas. Loans are not only restricred to the agriculture sector but also being disbursed in the small scale and cottage industries which are more in number in the rural areas.