What is NABARD?
- The full form of NABARD is National Bank for Agriculture and Rural Development. It was established in 1982 under the recommendation of the Shivaraman Committee to promote rural development in India.
- NABARD has its headquarters in Mumbai and operates through 31 regional offices and 392 district offices across India.
- It provides credit and other facilities to support activities such as crop production, animal husbandry, rural infrastructure, and cottage industries.
- NABARD works towards developing rural markets and increasing farmers’ income by providing financial assistance and technical expertise. It operates through regional offices across India.
Difference Between NABARD and RBI
The Reserve Bank of India and the National Bank for Agriculture and Rural Development are the most important financial institutions in India. Both organizations play a critical role in the economic development of India. But their primary objectives, functions, and roles are different. RBI and NABARD both of them play an essential role in the banking system of India despite their different purposes. RBI ensures the financial system’s stability and oversees the country’s overall monetary policy On the other hand, NABARD focuses on providing banking support to the rural sector and promoting rural development.