When was NABARD established?
1982
Understanding NABARD's Establishment Year
Let's determine the establishment year of the National Bank for Agriculture and Rural Development (NABARD).
NABARD is a premier development financial institution in India, focusing on agriculture and rural development. Knowing its establishment date is important for understanding the history of rural finance in the country.
Key Information about NABARD's Establishment
The establishment of NABARD was a significant milestone aimed at integrating rural credit facilities and focusing on the development of rural areas.
- It was recommended by the Committee to Review the Arrangements for Institutional Credit for Agriculture and Rural Development (CRAFICARD).
- The chairman of this committee was Shri B. Sivaraman.
- Based on the committee's recommendations, NABARD was established through an Act of Parliament.
- The National Bank for Agriculture and Rural Development Act, 1981 provided the legal framework for its creation.
When was NABARD Established?
The National Bank for Agriculture and Rural Development (NABARD) was established on:
- July 12, 1982
This date marks the formal inception of NABARD as the apex regulatory body for overall regulation and licensing of regional rural banks and state co-operative banks.
Analyzing the Options
Let's consider the provided options in relation to the actual establishment year of NABARD:
| Option | Year | Analysis |
|---|---|---|
| 1 | 1982 | Matches the historical establishment year of NABARD. |
| 2 | 1980 | Incorrect; NABARD was established later than this year. |
| 3 | 1986 | Incorrect; NABARD was established earlier than this year. |
| 4 | 1984 | Incorrect; NABARD was established earlier than this year. |
Based on the analysis, the year 1982 is the correct establishment year for NABARD.
Revision Table: Key Indian Financial Institutions
| Institution | Abbreviation | Establishment Year | Primary Focus |
|---|---|---|---|
| Reserve Bank of India | RBI | 1935 | Central Banking, Monetary Policy |
| Industrial Development Bank of India | IDBI | 1964 | Industrial Finance (erstwhile) |
| NABARD | NABARD | 1982 | Agriculture & Rural Development Finance |
| Securities and Exchange Board of India | SEBI | 1988 (Statutory: 1992) | Capital Markets Regulation |
| Small Industries Development Bank of India | SIDBI | 1990 | MSME Finance |
Additional Information on NABARD's Role
NABARD's mandate goes beyond just providing credit. It plays a multifaceted role in rural India.
- Refinancing: It provides refinancing facilities to banks and financial institutions that lend to the agriculture and rural sectors.
- Developmental Functions: It undertakes measures for institution building, training, and development of personnel in credit delivery systems.
- Supervisory Role: It supervises the functioning of cooperative banks and regional rural banks (RRBs).
- Promotional Activities: It promotes initiatives like watershed development, tribal development, and farmer producer organizations (FPOs).
- Rural Infrastructure Development Fund (RIDF): NABARD manages the RIDF, which funds rural infrastructure projects sanctioned by state governments.
Understanding the establishment year and role of NABARD is crucial for anyone studying India's economic and financial structure, particularly concerning its rural sector.
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