Why in news?
Amendments passed by Parliament to the National Bank for Agriculture and Rural Development (NABARD) Act, 1981
The amendment will support the government’s push to boost the rural and agricultural sector
FACTS FOR PRELIMS
NABARD is an apex development bank in India.
The Reserve Bank of India (RBI) holds the majority stake in it.
Headquarters: Mumbai, Maharashtra.
Established: 1982 on the recommendations of Shivaraman Committee to implement the National Bank for Agriculture and Rural Development Act, 1981.
It has been entrusted with matters concerning policy, planning and operations in the field of credit for agriculture and other economic activities in rural areas in India.
It is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion.
Facilitate credit flow for promotion and development of agriculture, small-scale industries, cottage and village industries, handicrafts and other rural crafts.
Support all other allied economic activities in rural areas, promote integrated and sustainable rural development and secure prosperity of rural areas.
SOURCE – THE HINDU.