CURRENT AFFAIRS

Detailed explanation-1: -National Bank for Agriculture and Rural Development (NABARD) has inked three Memorandum of Understanding (MoU) with State Bank of India (SBI) to extend credit support for various NABARD projects.

Detailed explanation-2: -Section 35(6) of the Banking Regulation Act, 1949 empowers NABARD to conduct inspection of State Cooperative Banks (StCBs), District Central Cooperative Banks (DCCBs) and Regional Rural Banks (RRBs) (collectively called NABARD’s Supervised Entities).

Detailed explanation-3: -NABARD has been providing long-term refinance to the approved financial institutions under the provisions of Section 25(i)(a) of NABARD Act, 1981 to supplement their resources for providing adequate credit for taking up investment activities in agriculture and allied activities and rural off-farm sector etc. 1.

Detailed explanation-4: -NABARD’s refinance fund from World Bank and Asian Development Bank to state co-operative agriculture and rural development banks (SCARDBs), state co-operative banks (SCBs), regional rural banks (RRBs), commercial banks (CBs) and other financial institutions approved by RBI.