NABARD is India’s apex development bank, established in 1982 under an Act of Parliament to promote sustainable and equitable agriculture and rural development. In its journey of more than four decades, the premier development financial institution has transformed lives in Indian villages through agri-finance, infrastructure development, banking technology, promotion of microfinance and rural entrepreneurship through SHGs & JLGs and more. It continues to aid in nation building through participative financial and non-financial interventions, innovations, technology and institutional development in rural areas.
The recognition of the importance of institutional credit in boosting rural economy by the Government of India led to the inception of a Committee to review the Arrangements for Institutional Credit for Agriculture and Rural Development (CRAFICARD). This was established under the able Chairmanship of Shri B. Sivaraman, former Member of Planning Commission on 30 March 1979.
Based on the Committee’s interim report recommendation, the creation of National Bank for Agriculture and Rural Development (NABARD) was approved by the Parliament through Act 61 of 1981. This unique development financial institution was created to focus on credit related issues linked with rural development
With this intent, the agricultural credit functions of RBI and refinance functions of the then Agricultural Refinance and Development Corporation (ARDC) was transferred to NABARD. It was dedicated to the service of the nation by the late Prime Minister Smt. Indira Gandhi on 05 November 1982. As a fully owned Government of India entity, NABARD continues to pen stories of prosperity in rural India.
Development Bank of the Nation for Fostering Rural Prosperity
Promote sustainable and equitable agriculture and rural development through participative financial and non-financial interventions, innovations, technology and institutional development for securing prosperity.