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Consider the following statements about National Bank for Agriculture & Rural Development (NABARD). 1. NABARD Serves as an apex financing agency for the institutions providing investment and production credit for promoting the various developmental activities in rural areas. 2. It was established based on the recommendations of the Committee set up by the Reserve Bank of India (RBI) under the chairmanship of Narasimham. 3. International associates of NABARD include World Bank-affiliated organisations and global developmental agencies working in the field of agriculture and rural development. Which of the above statements is/are correct?

Consider the following statements about National Bank for Agriculture & Rural Development (NABARD). 1. NABARD Serves as an apex financing agency for the institutions providing investment and production credit for promoting the various developmental activities in rural areas. 2. It was established based on the recommendations of the Committee set up by the Reserve Bank of India (RBI) under the chairmanship of Narasimham. 3. International associates of NABARD include World Bank-affiliated organisations and global developmental agencies working in the field of agriculture and rural development. Which of the above statements is/are correct? Correct Answer 1 and 3

The correct answer is 1 and 3.

Key Points

  • The Reserve Bank of India (RBI) has sold its entire stakes in the National Bank for Agriculture & Rural Development (NABARD).
  • The decision to divest its entire stake was taken based on the recommendations of the second Narasimham Committee.
  • The government now holds a 100 per cent stake in NABARD.
  • NABARD is an apex development and specialized bank established on 12 July 1982 by an act by the parliament of India.
  • Its main focus is to uplift rural India by increasing the credit flow for elevation of agriculture & rural non-farm sector.
  • It was established based on the recommendations of the Committee set up by the Reserve Bank of India (RBI) under the chairmanship of Shri B. shivaraman. Hence, Statement 2 is NOT correct.
  • It replaced the Agricultural Credit Department (ACD) and Rural Planning and Credit Cell (RPCC) of Reserve Bank of India, and Agricultural Refinance and Development Corporation (ARDC).

Related Questions

Consider the 5 × 5 matrix \[{\text{A}} = \left[ {\begin{array}{*{20}{c}} 1&2&3&4&5 \\ 5&1&2&3&4 \\ 4&5&1&2&3 \\ 3&4&5&1&2 \\ 2&3&4&5&1 \end{array}} \right
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