ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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NABARD
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Commercial bank
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Regional Rural Bank
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Cooperative Society
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Detailed explanation-1: -Detailed Solution. The correct answer is NABARD.
Detailed explanation-2: -NABARD provides medium-term credit limits for conversion of short-term crop loans advanced for financing seasonal agricultural operations (SAO) to State Co-operative Banks and Regional Rural Banks for providing relief to the farmers whose crops have been damaged due to natural calamities.
Detailed explanation-3: -This bank does not directly extend any loans to the rural people. It extends financial assistance to cooperatives and regional rural banks, who in turn make available loans to the farmers.
Detailed explanation-4: -National Bank for Agriculture and Rural Development or NABARD is the main regulatory body in the country’s rural banking system and is considered as the peak development finance institution which is established and owned by the government of India.