NABARD
is set up as an apex Development Bank with a mandate for facilitating credit
flow for promotion and development of agriculture, small-scale industries,
cottage and village industries, handicrafts and other rural crafts. It also has
the mandate to support all other allied economic activities in rural areas,
promote integrated and sustainable rural development and secure prosperity of
rural areas.
NABARD
was established on the recommendations of Shivaraman Committee, by an act of
Parliament on 12 July 1982 to implement the National Bank for Agriculture
and Rural Development Act 1981. It replaced the Agricultural Credit Department
(ACD) and Rural Planning and Credit Cell (RPCC) of Reserve Bank of India,
and Agricultural Refinance and Development Corporation (ARDC). It is one of the
premier agencies to provide credit in rural areas.RBI sold its stake in NABARD
to the Government of India, which now holds 99% stake.
