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: -60 OF 1968 [ 29th December, 1968.] An Act to provide for the establishment in the States and Union territories of Agricultural Credit Corporation and for matters connected therewith or incidental thereto. 1.

Detailed explanation-3: -In 1975, ARC was renamed as Agriculture Refinance and Development Corporation (ARDC) to give focussed attention to credit offtake, development and promotion of the agricultural sector.

Detailed explanation-4: -It was established on 12th July. 1982 in sixth five year plan by a special act by the parliament and its main focus was to uplift rural India by increasing the credit flow for elevation of agriculture and rural non-farm sector.

Detailed explanation-5: -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.