BANKING AFFAIRS

Detailed explanation-1: -Chandigarh, Feb 15 (PTI) The National Bank for Agriculture and Rural Development (NABARD) today announced area development plans worth Rs 1, 918 crore for Punjab to supplement farmers’ income.

Detailed explanation-2: -NABARD is a Development Bank with a mandate for providing and regulating credit for the development of agriculture, small-scale industries, cottage and village industries, handicrafts and other allied economic activities in rural areas to promote prosperity of rural areas.

Detailed explanation-3: -’Producers’ Organization Development and Upliftment Corpus’ (PRODUCE) Fund. PRODUCE Fund of Rs 200 crores was created by the Government of India in NABARD in 2014-15 for building 2, 000 Farmer Producer Organizations (FPOs) in the country.

Detailed explanation-4: -Apart from extending financial support as credit and grants, Nabard has also been engaged with the FPO ecosystem by providing policy support, facilitating credit linkages and other developmental support. During 2014-15, the government had created a ‘PRODUCE Fund’ with us for promotion of new FPOs.

Detailed explanation-5: -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.