What Is the Full Form of NABARD in Banking?

The Full Form of ‘NABARD’ in Banking is ‘National Bank for Agriculture and Rural Development’.

Full Form of NABARD

The full form of NABARD in banking is National Bank for Agriculture and Rural Development. It is an apex financial institution established by the Government of India in 1982. NABARD was set up with a primary objective to promote sustainable and equitable agriculture and rural development through effective credit support, related services, institutional development and other innovative initiatives.

NABARD plays a major role in developing and regulating the agricultural sector in India. It provides developmental loans, refinance facility for various institutions engaged in agricultural financing such as cooperative banks, regional rural banks (RRBs), commercial banks, etc., to meet the long-term credit needs of farmers. It also provides direct credit assistance to agriculturists for construction of farm ponds or wells, installation of pumpsets, purchase and distribution of fertilizers and pesticides as well as seedlings for horticultural crops like fruits and vegetables, etc.

NABARD is also responsible for providing financial assistance for various activities under the National Rural Employment Guarantee Scheme (NREGS) to generate employment opportunities in rural areas. Apart from this it helps in developing infrastructure facilities like roads, bridges, irrigation systems, etc., which are essential components of successful rural development programmes.

In addition to providing loan assistance to farmers NABARD also provides technical guidance on production techniques and agri-business management through its training institutes located all over India. These institutes impart skill-based knowledge to farmers so that they can use modern technology efficiently to increase their productivity and income levels.

NABARD has been instrumental in bringing about a positive change in the lives of millions of people living below poverty line across India by providing them access to affordable and timely banking services at their doorstep. The bank has launched several initiatives like Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Mudra Yojana (PMMY) which have enabled people from small towns or villages to open bank accounts without any hassle or difficulty. This has not only helped people save money but also provided them easy access to government welfare schemes such as MNREGA or pension schemes like PMSBY (Pradhan Mantri Suraksha Bima Yojana).

Apart from these initiatives NABARD also works towards developing rural markets through its various programs like Gramin Bhandaran Yojana (GBY), Gramin Haat, Kisan Credit Card scheme etc., which help farmers get better price realization for their produce as well as easy access to market information regarding prices prevailing in different markets across the country.

Thus it can be concluded that National Bank for Agriculture & Rural Development plays a crucial role in uplifting the socio-economic condition of people living below poverty line by providing them access to banking services along with loan assistance and technical guidance required for efficient agricultural production techniques.

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