BANKING AFFAIRS

Detailed explanation-1: -NABARD 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). It was dedicated to the service of the nation by the late Prime Minister Smt. Indira Gandhi on 05 November 1982.

Detailed explanation-2: -National Bank for Agriculture and RuralDevelopment (NABARD) was established on 12 July 1982 by an Act of theParliament.

Detailed explanation-3: -NABARD was established on the recommendations of B. Sivaramman Committee (by Act 61, 1981 of Parliament) on 12 July 1982 to implement the National Bank for Agriculture and Rural Development Act 1981.

Detailed explanation-4: -NABARD stands for National Bank for Agricultural and Rural Development. It is headquartered in Mumbai and was established on 12th July 1982 on the recommendations of B. Sivaraman Committee. It was established during the Sixth Five Year Plan, which was from the year 1980-85.

Detailed explanation-5: -Sivaraman, conceived and recommended the establishment of the National Bank for Agriculture and Rural Development (NABARD). The Indian Parliament through the Act 61 of 1981, approved the setting up of NABARD.