NABARD - Definition & Advantages of NABARD

About NABARD

NABARD, or National Bank for Agriculture and Rural Development, is a top financial institution in India. It focuses on enhancing rural life by supporting sustainable agriculture and rural growth through financial inclusion and other initiatives. 

It actively contributes to rural India's socio-economic development by providing credit and other financial support for various activities. It also offers technical assistance and training. 

NABARD Types

NABARD, established in 1982, aims to uplift rural India through financial assistance and sustainable development. It has three forms: 

1. Regional Rural Banks (RRBs): There are 56 RRBs operating as key lending institutions in rural areas. 

2. State Cooperative Banks (SCBs): These state-level banks offer services to rural cooperatives and financial institutions. India has 27 SCBs. 

3. Primary Agricultural Credit Societies (PACs): PACs are village-level societies offering credit and banking services to farmers. There are approximately 1,58,000 PACSs in India. 

NABARD Benefits

NABARD is a significant resource for Indian farmers and rural communities. It offers financial support for rural development projects which can reduce poverty. It also offers various beneficial schemes for farmers and rural residents. Furthermore, it monitors and evaluates project progress to ensure effectiveness.  

Final Thoughts

NABARD is vital for Indian farmers and rural entrepreneurs. It provides capital access, promotes sustainable development, and helps create jobs in rural areas. If you're planning a rural business, NABARD could be a useful partner.