When was the NABARD established?

Question

UnlockIAS · Accepted Answer

Correct — C, 12 July 1982. NABARD (National Bank for Agriculture and Rural Development) was set up on 12 July 1982 under the NABARD Act, 1981, acting on the recommendation of the Committee to Review Arrangements for Institutional Credit for Agriculture and Rural Development (CRAFICARD). It took over the agricultural refinance role of the erstwhile Agricultural Refinance and Development Corporation (ARDC) and the agricultural credit functions of the Reserve Bank of India, becoming the apex development bank for agriculture and rural development.

Why the other options are wrong — (a) Wrong — this is India's Independence Day, unrelated to NABARD's founding.  (b) Wrong — not linked to NABARD; NABARD was established three decades later, in 1982.  (d) Wrong — this is the date the Constitution came into force (Republic Day), unrelated to NABARD's founding.

Concept: NABARD is India's apex development bank for agriculture, rural development and allied sectors. It was established on 12 July 1982 under the NABARD Act, 1981, following the CRAFICARD committee's recommendation, absorbing the RBI's agricultural credit functions and the ARDC's refinancing role.

State PCS 2023 Q84 — Economy PYQ with Answer

State PCS 2023 Q84 — Economy PYQ with Answer