CURRENT AFFAIRS

Detailed explanation-1: -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-2: -NABARD provides by way of refinance, loans and advances repayable on demand or on the expiry of fixed period not exceeding 12 months, to Cooperative Banks and Regional Rural Banks for production, marketing and procurement activities.

Detailed explanation-3: -NABARD is entrusted with the responsibility for conduct of statutory inspections of State Cooperative Banks, District Central Cooperative Banks and Regional Rural Banks under the Banking Regulation Act, 1949/(AACS). The regulatory powers continue to be vested with the Reserve Bank of India.

Detailed explanation-4: -NABARD provides refinance assistance under Automatic Refinance Facility (ARF) to eligible banks for a wide spectrum of manufacturing, processing and service sector activities under RNFS (Investment Credit).