The Full Form of ‘ICA’ in Banking is ‘Indian Council of Agricultural Research’.
Full Form of ICA
The full form of ICA in banking is Indian Council of Agricultural Research (ICAR). ICAR is a government organization that works under the Ministry of Agriculture, Government of India. It was established in 1929 and is headquartered in New Delhi.
The main objective of ICAR is to promote agricultural research, education, training and extension services to improve the productivity, quality and profitability of Indian agriculture. To achieve this goal, it undertakes various activities such as providing grants and fellowships for research, conducting conferences and seminars, organizing national-level exhibitions, publishing journals and books related to agriculture, launching campaigns for water conservation and soil fertility management etc.
It also offers a wide range of services such as providing technical advice on farm management practices, setting up centers for advanced research in different areas of agriculture, carrying out surveys for collecting data on crop production and pest infestation etc., providing assistance in the form of loan schemes for farmers etc. The ICAR also provides financial assistance to farmers through various subsidy schemes like Pradhan Mantri Fasal Bima Yojana (PMFBY), Kisan Credit Card (KCC) Scheme etc.
In banking sector too ICAR plays an important role by providing support to banks through its various initiatives such as credit guarantee scheme (CGS) which helps banks provide low-cost loans to small farmers with limited access to formal finance sources; National Bank for Agriculture & Rural Development (NABARD) provides financial assistance for developing rural infrastructure; National Agricultural Insurance Scheme (NAIS) provides insurance cover against crop loss due to natural calamities; National Horticulture Board (NHB) promotes horticultural development; Accessible India Credit Support Initiative (AICSIP) helps women entrepreneurs gain access to credit facilities; etc.
Apart from all these initiatives ICAR has recently launched an online platform called ‘Agriculture e-Market’ which connects buyers with sellers across the country and helps farmers get better prices for their produce. This platform has helped reduce intermediaries significantly thereby helping farmers earn more profits from their produce while at the same time reducing wastage due to improper handling or storage.
ICAR also works towards improving the livelihoods of rural people by undertaking capacity building activities such as training programs on improved agricultural methods and techniques related to crop production, post-harvest practices etc., so that rural communities can take advantage of modern technology and maximize their yields from farming. By doing so it ensures more efficient use of resources available in rural areas which ultimately leads to increased income opportunities for smallholders living there.
All these initiatives taken by ICAR demonstrate its commitment towards promoting sustainable agricultural development in India which not only helps improve the socio-economic condition but also contribute towards strengthening India’s economy as a whole.
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