Question : The National Bank for Agriculture and Rural Development (NABARD) was established in which year?
Option 1: 1947
Option 2: 1965
Option 3: 1980
Option 4: 1991
Correct Answer: 1965
Solution : The correct answer is (b) 1965
NABARD was established on July 12, 1965, by an Act of Parliament as a development financial institution dedicated to supporting agriculture and rural development in India. It serves as a specialized bank and is governed by the provisions of the NABARD Act, 1981.
NABARD plays a crucial role in providing financial and institutional support to various stakeholders in the agriculture and rural sectors. It offers a range of financial products and services, including refinance facilities, rural credit, agricultural and rural development projects, and capacity building initiatives. NABARD also acts as a regulatory authority for cooperative banks and regional rural banks in India.
Since its establishment, NABARD has been instrumental in promoting agricultural and rural development, providing credit access to farmers, supporting rural infrastructure, and implementing various government schemes and programs aimed at the welfare of rural communities.
