CURRENT AFFAIRS

Detailed explanation-1: -A bill to enable exit of RBI from Nabard and increase authorised capital of the development institution six times to Rs 30, 000 crore was passed by the Lok Sabha today.

Detailed explanation-2: -It was dedicated to the service of the nation by the late Prime Minister Smt. Indira Gandhi on 05 November 1982. Set up with an initial capital of Rs.100 crore, its’ paid up capital stood at Rs.17, 080 crore as on 31 March 2022.

Detailed explanation-3: -NABARD IN NEWS Last week, the National Bank for Agriculture and Rural Development (Amendment) Bill, 2017, was passed by Parliament after the Rajya Sabha okayed it and the new law allows the institution to increase the authorised capital by six times to Rs 30, 000 crore from Rs 5, 000 crore now.

Detailed explanation-4: -At present the authorised capital of Nabard is Rs5, 000 crore and there is a proposal to increase it to Rs30, 000 crore.

Detailed explanation-5: -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.