Friends, if you are also preparing for a government job related to the banking sector or work in the agriculture sector, then you must have heard the word NABARD, but friends, do you know what NABARD is? or What is the meaning of NABARD? and What is NABARD Full Form?
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What is NABARD Full Form
So friends, let us tell you that in the banking sector or in the agriculture sector, the Full Form of NABARD is National Bank for Agriculture and Rural Development.
NABARD Full Form : National Bank for Agriculture and Rural Development
What is National Bank for Agriculture and Rural Development (NABARD)
National Bank for Agriculture and Rural Development (NABARD) is an Indian government bank, which is especially known for lending in the agriculture sector and doing development work in the rural sector.
It is the only bank operated by the Government of India, which works exclusively for providing loans in agricultural sectors and for the development of agricultural sectors, small scale industries, cottage and village industries.
NABARD is a development bank that primarily focuses on the rural areas of the country. It is the apex banking institution for providing finance for agriculture and rural development. Apart from agriculture, it is responsible for the development of small industries, cottage industries and rural projects.
When was NABARD (National Bank for Agriculture and Rural Development) established?
National Bank for Agriculture and Rural Development i.e. NABARD was established by RBI on 12 July 1982 as a central regulatory body. NABARD was established by the Government of India under the framework of the National Bank for Agriculture and Rural Development Act 1981.
It is headquartered in Mumbai, the financial capital of India, and has 336 district offices, six training centers and a special cell in Srinagar, India.
What is the main objective of National Bank for Agriculture and Rural Development?
The main objective behind the establishment of NABARD bank is to provide credit and other development facilities for the agricultural sector of India, and this bank facilitates the flow of credit especially for the development of rural development, agriculture, cottage industry and rural industry. There are many government schemes launched by the central and state government of India for which NABARD bank is the loan provider.
Apart from this, you all also know that there are many such poor farmers in India who take loans from banks for agricultural work and have to face a lot of difficulties in taking loans from other banks, as well as paying high interest rates, and keeping all these things in mind, the government had established NABARD.
NABARD has been given a number of responsibilities related to the formulation, planning and operation of policies in agriculture and financial development. NABARD discharges these responsibilities efficiently and works towards promoting and developing human industries in rural areas such as agro industries, cottage industries, other small scale industries and rural crafts, so that the people living in the villages are better off. Infrastructure and better employment opportunities can be created.
What is the background of National Bank for Agriculture and Rural Development /NABARD?
After India gained independence, the Government of India and the Reserve Bank of India formed a committee to improve credit in rural India. This committee was called “All India Rural Credit Survey Committee” and was headed by Mr. Gorewala. With the increasing responsibility on the RBI, it was difficult to focus on agricultural finance.
A committee was constituted in 1981 under the chairmanship of Shri Sivaraman to review the system of institutional credit for agriculture and rural development. NABARD was formed on the recommendation of the B Sivaraman Committee and was established on 12 July 1982 to regulate the National Bank for Agriculture and Rural Development Act 1981.
Main functions of National Bank for Agriculture and Rural Development (NABARD)
There are four main functions performed by NABARD-
Credit Work
Financial Work
Supervisory Functions and
Development Work
To understand all these functions that NABARD performs, let us go through them one by one.
Credit Work :- As the main provider of Credit Facilities in Rural Areas, the National Bank for Agriculture and Rural Development (NABARD) undertakes lending. Under these functions, the bank provides, regulates and monitors credit in rural parts of the country.
Financial Work :- Many of NABARD’s clients are banks and institutions that assist in developmental activities in rural areas. By performing financial functions, National Bank for Agriculture and Rural Development (NABARD) provides loans to these client banks and entities such as handicraft industries, food parks, processing units, artisans and many more.
Supervisory Functions :- As already discussed above, NABARD is the apex body that looks after agriculture and rural development. That is why the responsibility of monitoring and regulating all development activities and projects falls on this body.
In view of this role, NABARD performs supervisory functions in which it has to keep an eye on all the client banks, institutions, credit and non-credit societies that are a part of the developmental work taking place in the rural areas.
Development Work :- The primary role of the National Bank for Agriculture and Rural Development (NABARD) is to focus on the development of sustainable agriculture and promote rural development. Under developmental activities, NABARD helps rural banks to prepare action plans for developmental activities.
The primary role of the National Bank for Agriculture and Rural Development (NABARD) is to focus on the development of sustainable agriculture and promote rural development. Under developmental activities, NABARD helps rural banks to prepare action plans for developmental activities.
In addition NABARD provides refinance services to Central Co-operative Banks, Commercial Banks, State Co-operative Banks, Regional Rural Banks and Land Development Banks.
It provides refinance to agriculture, small scale industries and other village and cottage industries through lending to commercial banks.
It promotes small scale industries, cottage industries and village industries including small and marginal sectors by providing loans to commercial and co-operative banks.
Special assistance is given by the bank for the development of small scale industries, cottage and village industries under the service area method.
Bills and checks of co-operative banks and commercial banks are exempted for providing finance for agricultural inputs.
The Bank also provides funds to State Governments for undertaking developmental and promotional activities in rural areas.
To promote rural development and help the weaker sections, the bank refinances specially established Regional Rural Banks which are being set up in backward areas in most of the states.
In the case of long term loans, the bank is sanctioned loans to institutions involved in long term agricultural credit cooperating with the guarantee of the State Government.
The bank also gives credit financing in research and development of agriculture and rural industries.
The bank prepares the policy of the central government and the RBI on agricultural credit.
It provides finance for promoting non-farm activities and employment in non-farm sectors with the objective of reducing the rate of rural unemployment.
It strengthens the cooperative structure in the states by providing credit loans to state cooperative banks and also to land development banks.
It also promotes some irrigation projects through credit through state government sponsored irrigation projects.
The bank also regulated the supervisory work of co-operative banks and regional rural banks.
The Bank has opened Branch Regional Offices in all the District Headquarters, through which the Bank coordinates the District Development Programs with the District Staff.
The bank additionally helps in annual credit planning of commercial banks and coordinates the exercises of commercial and co-operative banks at the field level.
Therefore, at present the National Bank for Agriculture and Rural Development (NABARD) is giving credit for the medium term and long run for the agribusiness and for the advancement of a country. As in the early days, since the inception of NABARD, there has been an impressive increase in the sanction of horticulture loans by both commercial and co-operative banks. NABARD similarly strengthens the working of regional country banks.
What is the NABARD Exam?
NABARD Exam is conducted to recruit candidates for various officer posts. NABARD has the highest demand for the posts of Assistant Manager and Manager. It is mandatory for the candidates to pass both the preliminary and main examination.
Candidate must have Graduation with at least 50% marks and 45% for SC/ST/PW category.
OR Post Graduate Degree from a recognized University with 50% marks and 45% for SC/ST/PW candidates
OR Degree in Agriculture with at least 50% marks OR Post Graduate Degree in Agriculture with 50% marks.
Age Limit –
Eligible candidates’ age limit should be between 21 to 35 years.
Selection Process –
Candidates are recruited on the basis of three stages.
Phase 1 – Prelims Exam – Objective
Phase 2 – Mains Exam- Objective & Descriptive
Phase 3 – Interview
What is the application fee for General, SC/ ST and PW candidates?
The application fee for general category candidates is Rs.800. and Rs.150 for SC/ST/PW and other category candidates
To prepare better for NABARD Recruitment, it is necessary to know about the exam and syllabus. The posts of Assistant Manager and Manager are most sought after in NABARD. It is mandatory for the candidates to pass both the preliminary and main examination.
It has different patterns for A and B grades in the Mains exam.
Descriptive type questions are asked in the English language paper of Mains exam. Candidates are finally called for the third phase interview after both the phases.
FAQ About NABARD Full Form
So let us now know about the answers to some questions related to the word NABARD, about which all people often have to know.
Q. What is NABARD Full Form?
Ans : The Full Form of NABARD is National Bank for Agriculture and Rural Development.
NABARD Full Form : National Bank for Agriculture and Rural Development
Q . Who is the current President of NABARD?
Ans : Talking about the current chairman of NABARD (2023), the current chairman of NABARD is Mr. Shaji KV. Shri Shaji KV took over the charge of NABARD Chairman on 07 December 2022. Earlier, Shri Shaji K V was serving as Deputy Managing Director of NABARD with effect from 21 May 2020.
Q. When and why was NABARD established?
Ans: NABARD was established on 12 July 1982 by the Reserve Bank of India, with the main objective of facilitating credit flow for the development of agriculture, cottage industries and rural industries. And this bank is especially known for working in the agriculture sector.
Q. Where is the headquarter of NABARD?
Ans : NABARD has its head office in Mumbai, India.
Q. How many NABARD banks are there in India?
Ans : NABARD operates across the country through its 28 Regional Offices and one Sub Office located in all State/ UT capitals.
Q. What are the main functions of NABARD?
Ans : To promote the welfare of farmers and the agriculture sector, NABARD Bank works like providing loans to farmers at reasonable prices through cooperative banks and regional rural banks, for this, NABARD keeps on inspecting and monitoring cooperative banks and regional rural banks from time to time so that farmers continue to be helped.
Q. Does NABARD give loans?
Ans : No loan is given under NABARD scheme. Loans are subsidized only by some rural banks, co-operative banks, and private and public sector banks.
Q. Which are the banks and NBFCs that come under NABARD?
Ans : The banks and loan institutions that come under NABARD are:
Q. What is the share of Government of India in NABARD?
Ans: The Government of India (Indian Govt) has more than 99 percent stake in National Bank for Agriculture and Rural Development i.e. NABARD.
Q. What is the goal of NABARD?
Ans : NABARD provides long term and short term refinance to various institutions to augment their resources so as to provide adequate credit to support investment related activities of farmers and rural artisans etc.
So friends, here in this article, we have given you information about the Full Form of NABARD (NABARD Full Form) and much more information about NABARD. And apart from this, in this article, we have also given you information about the NABARD Exam.
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