ECONOMICS (CBSE/UGC NET)

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: -National Bank for Agriculture and RuralDevelopment (NABARD) was established on 12 July 1982 by an Act of theParliament.

Detailed explanation-3: -NABARD was established by an act of parliament. It was established on the recommendations of B. Sivaraman committee to implement the National Bank for Agriculture and Rural Development Act 1981. It provides developmental credit in rural areas.

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: -Sivaraman, conceived and recommended the establishment of the National Bank for Agriculture and Rural Development (NABARD). The Indian Parliament through the Act 61 of 1981, approved the setting up of NABARD.